PowerPoint Presentation (PDF) - Associated Builders and Contractors

Internal Controls ‐ CashA properly designed system of internal control will ensure that no singleindividual would have control over two or more phases of asignificant transaction or operation.Benefits:• deliberate fraud is more difficult because it requires collusion of twoor more persons• it is much more likely that innocent errors will be found andcorrected in the ordinary course of business.Challenge: Limited personnel = concentration of responsibility