Schools are the perfect places to find new opportunities and challenges at every turn. Furthermore, the next challenge your institution faces may not be in the classroom. The front and back office, which includes the accounting department also require effective internal controls. Here are some best practices that should mitigate or prevent issues from happening in your educational institution.
Segregation of duties
Typically, schools have small administrative groups, making the segregation of duties quite difficult. Even so, it is important to separate the activities of authorization, payment, and recording among staff members. For example, try alternating tasks between staff members, and using …read more
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