Practice Management: Internal financial controls

Internal financial controls are systematic measures (such as reviews, checks and balances, methods and procedures) necessary to:

  1. Conduct business in an orderly and efficient manner
  2. Safeguard assets and resources
  3. Deter and detect errors, fraud and theft
  4. Ensure accuracy and completeness of accounting data
  5. Produce reliable and timely financial and management information
  6. Ensure adherence to policies and plans

Pauline Hogg explains more about key areas to monitor in a GP practice