Describe at least 4 types of internal controls a business might use to protect funds?

1. Use a system of checks and balances to ensure no one person has control over all parts of a financial transaction.

2. Reconcile agency bank accounts every month.

3. Restrict use of agency credit cards and verify all charges made to credit cards or accounts to ensure they were business-related. 4. Provide Board of Directors oversight of agency operations and management.