There should be an audit trail for each financial transaction.
Documentation can be in either electronic or paper form.
There should be at least one designated person in the department who is responsible for safeguarding assets including cash and cash equivalents and physical assets such as equipment, space, and supplies. Accounting data must be checked to ensure that it is accurate and reliable. All financial data must be checked against other documents such as receipts, billings, etc. For financial data to be validated, it must be reconciled. During the reconciliation process, departments must ensure that only expenses related to their fund are recorded in that fund.