internal controls to prevent theft

RogerB has posted:
The solution is for the Board to:
1) establish internal controls which prevent the opportunity for theft;
2) monitor all financial reports monthly to catch problems promptly; and
3) always carry theft insurance.

What are the internal controls to prevent the opportunity for theft? English, please, I am not an accountant...

Hi JC,

At our HOA, we have the financials set up so that:
The property manager holds the checkbook, not a Board member.
All bills and invoices are sent to the property manager.
The property manager makes out the checks and attaches the invoices to them.
The property manager brings the checks and invoices to the Board meeting.
The Board reviews the checks and invoices to make sure they are correct.
TWO Board members must sign each check for it to be valid.

This system works well for us because we have Board meetings every month. If your Board meets less often, you may to go with some other set up.

Good luck.