What Are Internal Controls of Accounting?

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Internal controls of accounting help eliminate fraud within a given company by focusing on the day-to-day functions within the accounting department. Find out how internal controls help employees perform their accounting duties with information from an accounting professor in this free video on accounting careers.

Part of the Video Series: Accounting Careers & Information
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Video Transcript

Hi, my name is Shawn Jones, adjunct professor here at Argosy University. Today, we're talking about internal controls within the accounting or within the accounting process, which mainly center around risk assessment and being able to eliminate fraud within a given company or organization. Internal control center around the day-to-day functions within the accounting department -- mainly being able to help your employees or those who are working for you be able to have the necessary training, to be able to perform their job functions, but also to make sure that those employees aren't performing all of the tasks that go into the accounting process. For example, the same person that receives a bill or an invoice and records it into the accounting software of a company should not be the same person that approves that invoice and also handles cutting the check to pay that bill or invoice that is received. But making sure that those responsibilities that there is a check and a balance or a division of responsibility within the accounting department and the various functions that are needed. For more information about this topic, please visit our website at argosy.edu. There you can find our phone number or an address to come and visit our Salt Lake City campus.

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