Internal What Now?
Interesting insight about internal controls and controlling company assets. The erosion of internal controls happened at the one of the companies I worked for and it was not fun to deal with.
“Preventive controls are the key to safeguarding company assets. The tangible preventive controls revolve around the idea of segregation of duties. The idea is that there should not be one individual responsible for any 2 of 3 areas. Those three areas are Custody (physical custody of records or documents), Processing (processing data, entering into the system), and Authorization (authorization, obviously).”
