Separate incompatible responsibilities
Where possible, the same individual should not initiate, approve, record and reconcile the same transaction.
Use clear approval limits
Document who can approve purchases, payments, discounts, write-offs and contractual commitments.
Protect master data
Changes to bank details, suppliers, customers and payroll records should be restricted and independently reviewed.
Review exceptions
Management should receive concise exception reports rather than relying only on large transaction listings.