All businesses should have internal controls to deter fraud, detect theft, and preserve assets. Of all the assets, cash is the easiest to misappropriate. Effective internal controls for cash prevent the proverbial hand in the cookie jar.
Management review is a process used in business operations to inspect and monitor staff and employees. Commonly found in financial accounting, it refers to the process of management reviewing work and disbursements in the company to ensure control over the assets of the business.