From the course: Accounting Foundations: Internal Controls
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Proper procedures and documents plus independent checks
From the course: Accounting Foundations: Internal Controls
Proper procedures and documents plus independent checks
- I'm a university professor. So what things am I authorized to do at my university? Can I teach a class and assign grades to students? Absolutely. Can I sign contracts to get a new business school building constructed on campus? No. The university internal controls in place ensure that only authorized people, not me, can sign a construction contract on behalf of the university. An important internal control activity is making sure that only properly authorized actions take place. Let's continue with the university professor example. How about hiring new faculty? Can I go out and hire a new faculty member to replace my brother? No. As a faculty member, I do not have the authorization to hire new faculty. All hiring has to be approved at the dean's level who first must receive authority from the university president. We can't have faculty go around hiring other faculty unless they go through proper procedures. How…
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