With the ever rising number of small businesses, there is a greater need for business owners to understand the importance of internal controls to help run a successful business.  In other words, many business owners are not implementing the correct internal controls to effectively protect themselves from potential threats such as fraud and error. One of the most effective internal controls is the separation of duties, which ensures that certain functions of the business are kept separate i.e. more than one person is required to complete a task or series of tasks. Some examples of implementing effective separation of duties include: Not allowing … Continue reading Internal Controls in Small Businesses