What are the best practices in internal controls?

What are the best practices in internal controls?

Best practices in internal controls include segregation of duties, regular audits, and effective documentation.

Can you explain segregation of duties?

Segregation of duties involves dividing responsibilities among different individuals to reduce the risk of error or fraud.

What role do audits play in internal controls?

Audits help ensure compliance with policies and procedures, identify weaknesses, and improve overall control effectiveness.

How often should internal audits be conducted?

Internal audits should be conducted at least annually, but more frequent audits may be necessary based on risk assessments.