04 July 2016
Internal controls are the general checks and balances in the Accounts department. It can include the segregation of duties among the various persons. Like a single person should not handle cash and make entries as well. Various checks to be made while processing payments. Like three way checks for payment of any purchase made. Mode of passing various entries and counter checks of those entries, how the estimates are made and whether they are checked and approved by proper authorities etc
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