Good Internal Control Practices and Fraud Prevention Tips

Good Internal Control Practices and Fraud Prevention Tips Good Internal Control Practices and Fraud Prevention Tips Jayne Blackburn, CPA Audit Manager, UW Internal Audit Laura Schrag Senior Auditor, UW Internal Audit November 2017 Good Internal Control Practices and Fraud Prevention Tips Table of Contents Introduction .. 1 Course Objectives .. 3 What are Internal controls? .. 5 A Broad Definition of Internal Controls .. 7 Five Components of Internal Control .. 8 Why are Internal controls necessary? .. 13 Who is responsible for Internal controls? .. 17 Roles and Responsibilities .. 19 How do I implement Internal controls in my department? .. 21 Type of Controls .. 23 Control Design and Operating Effectiveness .. 23 Basic Elements of Internal Control .. 24 Separation of Duties: Checks and Balances .. 25 Authorization .. 26 Documentation .. 27 Reconciliation and Review .. 28 Monitoring .. 29 Safeguarding of Assets and Records .. 30 Information Systems Security .. 31 Common Causes of Internal Control Breakdowns.

16 Good Internal Control Practices and Fraud Prevention Tips Subtle Reasons…The Human Factor Protect employees Employees should never be put in a position in which their honesty could be questioned. An employee may be trusted not to steal, but it is unreasonable to trust them not to make mistakes, which can be as damaging as fraud. Errors or

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