Internal Controls

  • Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following areas:

    • Effective and efficient operations
    • Safeguard assets
    • Compliance with applicable laws, rules and regulations
    • Reliable financial reporting

    Think of internal control as a map that helps you get to your destination. It is the foundation for assuring that RPS goals and objective are met with the minimum of pitfalls and surprises.


    Examples of Poor Internal Controls

    • Lack of proper authorization
    • Inadequate documentation
    • No separation of duties for authorization, custody, record keeping
    • No independent checks on performance
    • Lack of clear lines of authority
    • No written policies and procedures
    • Inadequate training program for employees