Internal controls are policies and procedures companies put in place to help safeguard their assets and prevent misstatements in their financial reports. Some examples of internal controls are:

Separation (or segregation) of duties

Establishment of responsibility

Access controls

Documentation

Trail balance

Reconciling

Conduct independent reviews on a regular basis

Approval authority.

Discussion

Choose at least 2 of these controls and give a specific example of how you've seen it at work at a place of business or how it could work in theory.

Provide an example of what could go wrong if these controls were not in place.

Share a way in which QuickBooks Online can help you implement the chosen controls in a company.