Table 1 provides a checklist of what their systems should include. Budget justification data is consistent with other accounting data so that managers compare actual results with budgeted amounts. Employees promptly record and classify transactions. Only persons acting within the scope of their authority authorize and carry out significant actions. Supervisors have separated key duties and responsibilities in authorizing, processing, recording, and reviewing Employees receive appropriate supervision of their work.
Supervisors assign accountability for custody and use of resources.
Access to resources and records is limited to authorized individuals. Periodic inventories of assets are performed. Financial Controls Particularly Important Departments need to pay extra attention to financial controls to ensure that assets are safeguarded and that financial records are reliable. A system of authorization and approval. Separation of duties.