The approach described is risk-based. Section 1 below provides some background information about internal controls and risk. Section 4 gives information about the different electronic tools available for reviewing financial transactions. Some additional financial review and control procedures for administrative and fiscal officers are described in section 5.
Internal controls can be central or local, preventive or detective.
For more on the concept of internal controls, see Appendix A . These guidelines recommend that the administrative officers look at their local internal control systems and procedures periodically, to ensure that they are well designed and working properly. The questionnaire is designed to assist DLCs in performing a self-review of controls over financial systems and activities. The Institute Audit Division is an additional resource available to assist DLCs in this process. FRC is a collection of policies and procedures for performing DLC monthly financial review.