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What would be the best internal control for a small business with limited number of staff and segregation of duty is not practical?

Accounting Small Business Development Auditing Internal Audit Internal Controls
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Question added by Deleted user
Date Posted: 2017/04/30
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IMRAN MOHAMMED
by IMRAN MOHAMMED , Asst. Manager , HSBC

continuous monitoring OR random checks by the management

periodic audits

Imran Adwani
by Imran Adwani , Head of Internal Audit , Abdulla Bin Zayed Investment Group

Direct supervision from the owner on all critical business activities acts as a compensatory control when adequate segregation of duties are not possible. Moreover, if resources permit, it may be considered to appoint an internal auditor on a contract basis to further support the owner to maintain or strengthen the control over business.

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