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physical security
(e) 
Formal documents should acknowledge the transfer of responsibility for goods
.
When goods are 
received, a goods-received note should be used to acknowledge receipt by the storekeeper. 
(f) 
Pre-review: 
the authorisation of a transaction (for example a cash payment, or the purchase of an 
asset) should not be given by the person responsible without first checking that all the proper 
procedures have been carried out 
(g) 
A clearly defined 
system for authorising transactions 
within specified spending limits 
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PART C: ACCOUNTING AND REPORTING SYSTEMS, CONTROLS AND COMPLIANCE 
 
242
 
(h) 
Post-review: 
completed transactions should be reviewed after they have happened; for example, 
monthly statements of account from suppliers should be checked against the purchase ledger 
accounts of those suppliers. 
(i) 
There should be 
authorisation, custody 
and
 
re-ordering 
procedures. 
(i) 
Funds and property of the company should be kept under 
proper custody
. Access to 
assets (either direct or by documentation) should be 
limited to authorised personnel
. 
(ii) 
Expenditure should only be incurred after authorisation and all expenditures are properly 
accounted for. 
(iii) 
All revenue must be properly accounted for and received in due course. 
(j) 
Personnel 
should have the capabilities and qualifications necessary to carry out their 
responsibilities properly.
(k) An 
internal audit 
department should be able to verify that the control system is working and to 
review the system to ensure that it is still appropriate for current circumstances. 
2.7 Limitations on the effectiveness of internal controls 
Not only must a control system include sufficient controls, but these