What are internal controls?

Internal controls are an organization’s methods and procedures that safeguard the organization’s assets, promote operational efficiency, check the accuracy and reliability of accounting data, and encourage adherence to prescribed policies and procedures.  Effective internal control systems are designed to ensure 1) that resources are used in accordance with laws, regulations, and policies and 2) that resources are safeguarded against waste, loss, and misuse.

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1. What is internal auditing?
2. What types of audits are conducted?
3. What are internal controls?
4. Are internal controls foolproof?
5. Who receives the audit reports?
6. What is the difference between internal auditors and external auditors?
7. What is fraud?
8. Are auditors looking for fraud when performing audits?
9. What should I do if I suspect County resources are being wasted or abused?
10. What should I do if I suspect someone is involved in something illegal?