Accounting controls - safeguard assets and ensure the reliability of accounting records. Internal control structure - policies and procedures established to provide reasonable assurance that the organization's specific objectives will be achieved. Information and Communication Accountants must understand How transactions are initiated Data are captured in machine readable form or converted from source documents. How computer files are accessed and updated. Data are processed to prepare information.
Information is reported to internal users and external parties.
Properly classify transactions. Record transactions at their proper value. Record transactions in the proper accounting period.