• Physical restraints- These limits on access include turnstiles at the entry to the premises, swipe cards, and passwords. They also include any specific office or manufacturing locations or equipment. Physical restrictions such as fixing non-current assets to prevent removal are also included in this.
• Limitations on authorization and approval- The authorized restrictions, which are frequently outlined in employment agreement, must be followed by a lot of employees.
• Division of labour- The tasks associated with handling cash are typically divided to reduce the risk of fraud and mistakes. For instance, the employee recording the cash will not be the same person as the person receiving the money in the post room of an organization that receives money by mail. Division applies to several abilities as well. It is currently best practice to divide the roles of administrator and CEO at the official level. Additionally, internal audit must be completely divided from the finance department in order to be considered an independent assurance function, and it must have a direct reporting line to the audit committee or the board of directors.
• Management controls- The managers are in charge of managing controls. Many managerial positions also need the effective control of subordinate performance. With regard to regular transactions, supervision controls are used further as per the chain of command. Organization controls function in accordance with the line/staff responsibilities and organization chart configuration.
• Accounting and arithmetic checks- These safeguards guarantee correct transaction recording and processing. Trial balances and reconciliations are steps in this process.
• Controls in Human Resources (HR)- All facets of HR management are subject to HR controls. Examples include checking prospective hires' credentials, references, and criminal histories; vetting workers for competence; and providing quality training.