An instruction printed on a cheque that makes it non-transferable, ensuring that the cheque can only be deposited into the account of the individual or entity named on the cheque, adding an additional layer of security.
Internal control encompasses measures that an organization implements to reduce opportunities for fraud or misfeasance. Examples include requiring multiple signatures on documents, enhancing security for stock handling, task division, maintaining control accounts, using special passwords, and handling computer files securely. It is crucial for internal audits to ensure the effectiveness of these controls to instill confidence in external auditors and management regarding the integrity of the organization’s operations.
Systems Development Controls refer to the internal controls that ensure the development of computerized systems is properly managed and secured. These measures mitigate risks by enforcing structured protocols such as the segregation of duties.
