2. A. Understanding Internal Control
Internal control refers to the measures and procedures
implemented within an organization to safeguard its assets, ensure
accurate financial reporting, and promote compliance with laws
and regulations. In the context of cooperatives, internal control is
vital for maintaining transparency, accountability, and trust among
members. It helps in preventing fraud, mismanagement, and
conflicts of interest
3. B. Importance of internal control in cooperatives
1. Safeguarding Assets:
Internal control helps in protecting the cooperative's assets from theft, fraud, or
misuse. By implementing control measures such as segregation of duties,
authorization processes, and physical safeguards, cooperatives can minimize the
risk of asset misappropriation and ensure their resources are used appropriately.
2. Ensuring Accurate Financial Reporting:
Internal control ensures the accuracy and reliability of financial information in
cooperatives. By implementing control activities such as regular financial
reconciliations, internal audits, and proper documentation, cooperatives can
provide reliable financial reports to their members, stakeholders, and regulatory
authorities.
4. B. Importance of internal control in cooperatives
3. Promoting Compliance:
Cooperatives are subject to various laws, regulations, and industry standards. Internal
control helps in ensuring compliance with these requirements. By implementing control
activities such as monitoring and reviewing processes, cooperatives can identify and
address any non-compliance issues, reducing the risk of legal and regulatory penalties.
4. Enhancing Governance:
Effective internal control systems contribute to the overall governance of cooperatives.
By establishing clear roles and responsibilities, promoting transparency and
accountability, and ensuring adherence to established rules and procedures, internal
control helps in maintaining a strong governance structure within the cooperative.
5. B. Importance of internal control in cooperatives
5. Minimizing Risks:
Cooperatives face various risks, including financial, operational, and reputational risks.
Internal control helps in identifying and assessing these risks, and implementing control
measures to mitigate them. By proactively managing risks, cooperatives can protect their
financial stability, reputation, and long-term sustainability.
6. Building Trust and Confidence:
Internal control systems promote transparency, accountability, and ethical behavior
within cooperatives. By demonstrating a commitment to sound internal control
practices, cooperatives can build trust and confidence among their members,
stakeholders, and external parties, such as lenders and investors.
6. 1. Control Environment:
A strong control environment promotes integrity, accountability, and a
commitment to ethical behavior throughout the cooperative.
a. Tone at the Top
b. Ethical values and Intergrity
c. Competence and Accountability
7. 2. Risk Assessment:
Risk assessment involves identifying and evaluating risks that could impact
the achievement of the cooperative's objectives. It helps in determining the
likelihood and potential impact of risks and prioritizing them for appropriate
control measures.
a. Identification of Risk
b. Evaluation of Risk
c. Risk Response and Mitigation
8. 3. Control Activities:
Control activities are the policies, procedures, and practices implemented to
mitigate risks and achieve the cooperative's objectives. They provide specific
guidance and instructions for carrying out tasks and responsibilities.
a. Segregation of Duties
b. Authorization and Approval Procedures
c. Physical Controls
d. Information processing Controls
9. 4. Information and Communication:
Effective information and communication systems ensure that relevant and
timely information is identified, captured, and communicated to the
appropriate individuals within the cooperative.
a. Internal reporting System
b. communication channels
c. Information Technology Systems
10. 5. Monitoring:
Monitoring involves ongoing assessment and evaluation of the internal
control system to ensure its effectiveness and identify areas for
improvement. It includes regular reviews, internal audits, and management
oversight.
a.Ongoing Monitoring
b. Separate Evaluation
11. In a cooperative, rules and regulations are essential for establishing a
framework that governs the organization's operations and ensures fairness,
transparency, and effective decision-making.
12. IMPORTANCE OF RULES IN COOPERATIVES
Rules are essential in cooperatives to establish a fair and transparent
governance structure, promote members participation and accountability,
ensure compliance with laws and regulations, and foster a culture of trust
and sustainability.
1. Ensuring Consistency and Fairness
2. Establishing Clear Guidelines and Procedures
3. Promoting Accountability and Transparency
13. Process of Rules Formulation
1. Identification of Areas Requiring Rules
2. Research and Analysis
3. Drafting of Rules
4. Review and Approval
5. Implementation and Communication
14. Key Considerations for Formulating Rules
in a cooperative:
• Cooperative Principles
• Membership Criteria
• Governance Structure
• Decission-Making Process
• Financial Matters
• Rights and Obligations
• Conflict Resolution
• Amendments and Review
• Compliance with Laws and Regulations
• Communication and Transparency
15. MAYBE YOU NEED TO
DIVIDE THE CONTENT
MERCURY
Mercury is the
closest planet to
the Sun and
the smallest
one
VENUS
Venus has a
beautiful name
and is the
second planet
from the Sun
16. YOU COULD USE THREE
COLUMNS, WHY NOT?
JUPITER
It’s a gas
giant and the
biggest
planet in the
VENUS
Venus has a
very
poisonous
atmosphere
MARS
Despite being
red, Mars is
actually a
cold place
24. A TIMELINE ALWAYS
WORKS WELL
DAY 1
Earth is where
we live on
DAY 3
Mars is a cold
place
Jupiter is the
biggest planet
DAY 2
Venus has a
nice name
DAY 4
25. DO YOU PREFER THIS
GRAPH?
To modify this graph,
click on it, follow the link,
change the data and
replace it
Factor 1
Factor 2
27. SOMETIMES,
COMPARISONS ARE GOOD
● You can define one
of the concepts
here
● You can define one
of the concepts
here
● You can define one
of the concepts
here
● You can define one
of the concepts
here
CONCEPT 1 CONCEPT 2
28. DO YOU NEED FOUR
COLUMNS?
MARS
Despite
being red,
Mars is a
cold place
MERCU
RY
Mercury is
the closest
planet to
the Sun
JUPITER
It is the
biggest
planet in
the Solar
VENUS
Venus has
a beautiful
name, but
it’s hot
29. 333,000
Mercury is the smallest
planet
245,00
Jupiter is the biggest
planet
386,000
Despite being red,
Mars is cold
31. REVIEWING CONCEPTS IS
A GOOD IDEA
VENUS
Venus has a
beautiful
name
MARS
Mars is
actually a
cold place
MERCURY
Mercury is
the smallest
planet
SATURN
Saturn is the
ringed one
and a gas
NEPTUNE
It’s the
farthest
planet from
JUPITER
It’s a gas
giant and the
biggest one
32. You can use bullet
points to talk about
the concepts. It is
much more visual
than a large text
● You can write about
a concept here and
talk about it a little
● You can write about
a concept here and
talk about it a little
● You can write about
a concept here and
talk about it a little
● You can write about
A SUMMARY IS
GOOD!
33. WHAT THEY SAY ABOUT US?
—SARA
BLACK, 19
“Mercury is the
closest
planet to the Sun”
—JOHN DOE,
31
“Despite being
red, Mars is
actually a cold
place”
—HELENA
PATTERSON,
22
“Jupiter is the
biggest
planet of them all”
—WILL
WHITMAN
“Venus has a
beautiful
name, but it’s hot”
34. You can replace
the image on the
screen with your
own work. Just
delete this one,
add yours and
center it properly
DESKTOP SOFTWARE
35. TABLET APP
You can replace
the image on the
screen with your
own work. Just
delete this one,
add yours and
center it properly
36. MOBILE WEB
You can replace
the image on the
screen with your
own work. Just
delete this one,
add yours and
center it properly
37. A GOOD WAY TO END THE
PRESENTATION
Mercury is the closest
planet to the Sun and
the smallest one in the
Solar System—it’s only
38. THANKS!
Do you have any
questions?
addyouremail@freepik
.com
+91 620 421 838
yourcompany.com
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