Internal Controls for Bank Activities (Accounting) - Explained
What are Internal Controls for Bank Activities?
Written by J. Mance Gordon
Updated at April 18th, 2024
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What are Internal Controls for Bank Activities?
Internal controls for banking activities include the following:
- Limit access to account information
- Make all persons authorized to write checks sign a signature authorization card (to assist the bank in preventing forgery),
- Each bank deposit must be supported by a bank deposit ticket (which is pre-numbered).
Electronic Banking Controls
Electronic fund transfers or EFTs are communication transfers of cash from one party to the next or to another. Transferring cash electronically requires the following controls:
- Keeping up with your passwords
- Making sure it can't be hacked into or broken into,
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