Internal controls include how the organization is designed and all the coordinated procedures within an organization to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency, and encourage adherence to prescribed managerial policies. Internal controls are the checks and balances put in place to safeguard District assets, to ensure records are accurate, to promote operational efficiency, and to encourage adherence to policies and procedures.
Yes, generally speaking, there are two different types of internal controls: preventative and detective controls. Preventative controls discourage or prevent errors, fraud, or irregularities from occurring. Detective controls are designed to find errors after they have occurred.