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Finance & Accounting Facts : Types of Internal Controls

Internal controls in finance include control environment, risk assessment, control activities and control related to information and communication. Monitor internal controls for a business over a period of time with insight from a certified public accountant in this free video on finance.

Risk Control Techniques

Six broad categories of risk control techniques which include:
1. Avoidance
2. Loss Prevention
3. Loss Reduction
4. Separation

The Importance of Internal Controls

What are the dangers of not having effective internal controls?

Ken Blake

Certified Public Accountant (C.P.A.)

Transcript:

Okay, what do we mean by "internal controls"? Primarily what we are tying to establish is ways of making sure that the business assets are not squandered or otherwise lost through loose accounting procedures. There are a number of areas that internal controls are really important: primarily in the area of inventory and also in the area of sales and cash management. For instance, you want to make sure that you take a physical inventory on a not too infrequent basis. Monthly would be great, quarterly would be not so great but it's still better than just an annual one. This allows you to match up what you think you have in inventory verses what you really have and can identify any shortages.

Luca Pacioli: The Father of Traditional Accounting

Luca Pacioli, a Franciscan monk who lived in Italy during the 1500s, is often called the father of double-entry bookkeeping. Pacioli was not the inventor, but was "the first accountant to combine his knowledge with Johann Gutenberg's technology to instruct the world on the subject in print."

Tsunami Records

7.2 Richter magnitude earthquake that shook the Mentawai Islands, West Sumatra, Monday, October 25, 2010, caused a wave of deadly tsunami. All the settlements located on the west coast islands were hit by a tsunami that killed more than 400 people.

Indonesia is familiar with the disaster. In December 2004, the great tsunami occurred in Aceh. Then the next three months occurred in Nias. One more year, exactly on July 17, 2006, the tsunami also occurred in Pangandaran, West Java.

Tsunami track record was already since 6000 BC. Scientific media page, Livescience.com, records list all-powerful tsunamis that have occurred on Earth.