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Internal controls are structures, processes, practices, reports, measurements and systems that are put in place to implement an organization's strategy and enforce compliance. The following are common types of internal controls.
FinancialFinancial controls such as adopting an accounting standard and segregation of duties.Controls related to IT operations and information security. For example, a process of approvals for adding user permissions to a system.Controlling change to assets such as software. For example, a change control board.
Control of projects using project management, risk management and project governance processes.The process of identifying and controlling risk such as a know your customer process for reducing credit risk.
Compliance ControlsControls that are directly related to compliance such as a process of disclosing executive compensation to external stakeholders.Safety controls such as a preflight checklist for pilots.Human Resources Controls Controls related to employee performance and organizational culture. For example, a process of employee performance reviews and disciplinary policies.
Operational ControlControls related to an organization's core business processes such as a process of reporting key metrics to senior management.The testing of products and services to ensure conformance to specifications and policy.
Internal Controls
This is the complete list of articles we have written about internal controls.
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A definition of conformance with examples.
A list of basic types of IT control.
The common types of input validation.
An overview of audit trails.
A definition of IT controls with a number of illustrative examples.
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The definition of business rules with examples.
An overview of IT asset management.
A list of corporate governance techniques.
An overview of failure of imagination.
An overview of fiduciary duty.
An overview of the precautionary principle.
A definition of stakeholder with examples.
The definition of accountability with examples.
A list of useful antonyms for transparent.
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