Common Control Principles Adopted to Protect Assets of an Organization Internal controls are systems and structures installed by a company to facilitate effective operations by enabling it to appropriately manage, diminish, and mitigate risks and occurrences of fraud. The framework encompasses numerous provisions targeting specific aspects of an organization, including protecting and safeguarding the assets of a business. According to Mahadeen et al. (2016), functional internal controls enhance accountability and minimize the risk of asset loss, waste, misuse, and misappropriation, which could negatively affect the operational effectiveness of a firm. Although the specific managerial oversight and administration techniques adopted are primarily determined by the nature and category of assets, the most common approaches include physical security, proper monitoring, adequate documentation and recording, and access control. Authorization of activities and transactions of the procurement, usage, and disposal of assets is also a critical and widely applied strategy in safeguarding the assets. Physical Security Physical security encompasses all the visible safeguards installed to enhance the managerial controls designed to prevent loss, wastage, damage, fraud, and misappropriation of a firm’s assets. These include the specific provisions limiting unauthorized people’s access, minimizing the risk of damage through such occurrences as fire incidents, theft, and misuse. Notably, many organizations install provisions such as perimeter fences with manned entrances, closed-circuit television cameras for round-the-clock surveillance, and manned security. Other security measures include fire sensing and extinguishing systems to prevent and minimize damage occasioned by the inferno, vehicle tracking and monitoring equipment, and vaults for storing keys and necessary documentation for assets. Proper Authorization Authorization entails specifying the privileges and rights by identified employees to the purchase, use, and disposal of particular assets. This internal control technique enhances the legitimacy of the activity or event relating to a given asset by ensuring that only the permitted employees undertake the defined transaction. For instance, an organization may require that a supervisor authorize all the departure of delivery vehicles from the premises by signing their work tickets that define destinations and duties. The strategy would limit the possible misuse and deployment of the company’s automobiles in unrelated activities. Such authorization is also critical in the procurement and disposal processes of assets to authenticate the rightfulness and validity of the transactions. For example, the United States Postal Service would have a supervisor authorize the departure of vehicles going out for delivery, explicitly defining their destination and departure time. Monitoring Monitoring is a fundamental internal safeguard for assets implemented by organizations to ensure compliance with the outlined procedures in their acquisition, utilization, depreciation, and eventual disposal. Generally, this is a comprehensive approach that promotes the efficient and proper use of company ass