A well designed accounting internal control system should have five objectives:
• Authorization
• Accountability and comparison
• Proper recording where ‘completeness’ is a paramount.
• Protection and limited access
• Validity.
Business transaction cycles include:
• Revenue Cycle
• Disbursements Cycle
• Cost Allocations Cycle
• Property Control Cycle
• Cash and Investments Management Cycle
• Budget Management Cycle
• Debt Management Cycle
• Financial Reporting Cycle.