What are the internal control measures for creditors?

Internal control measures for creditors include establishing credit policies to assess the creditworthiness of customers, implementing segregation of duties to prevent fraud, and regularly reconciling accounts receivable to ensure accuracy. Additionally, maintaining an effective process for monitoring outstanding debts and setting limits on credit extensions can mitigate risk. Regular audits and reviews of creditor transactions also play a crucial role in identifying discrepancies and ensuring compliance with company policies.