Physical Safeguards - to ensure that access to physical assets and information systems is controlled and properly restricted to authorized personnel. Error Handling - to ensure that errors detected at any stage of processing receive prompt corrective action and are reported to the appropriate level of management. Segregation Of Duties - to ensure that duties are assigned to individuals in a manner that ensures that no one individual can control both the recording function and the procedures relative to processing a transaction. A well designed process with appropriate internal controls should meet most if not all of these control objectives. Monitoring - This is the process that assesses the quality of the system's performance over time.
Ongoing monitoring is the daily review of reports, supervision and self-assessment.
Separate evaluations external to the unit are carried out on a periodic basis. Benefits And Weaknesses Of Internal Controls Systems of internal control are beneficial to organizations because they provide an organized means of achieving goals and objectives. They also provide a measure of security and assurance to management that policies are being followed and assets are not being misused. Everyone in the University has some responsibility for internal control. Some employees may produce information used in the internal control system or take other actions needed to effect control.