5 Key Preventive Internal Controls in A/R

Internal controls are an essential failsafe for any organization regardless of size or complexity, as they promote timely and accurate financial information that is free from irregularities or errors while ensuring compliance. Proper internal controls not only strengthen a company's policies and procedures, but also increase the bottom line by preventing costly mistakes. The Sarbanes-Oxley Act of 2002 ("SOX" or "Act") was signed into U.S. law as a response to several financial scandals. Section…