The document discusses internal check, internal audit, and internal control. It defines each term and describes their objectives and characteristics. Internal check refers to built-in checks in accounting processes to segregate duties among employees. Internal audit involves continuous review of operations and records by a dedicated staff. Internal control comprises plans and methods to safeguard assets and ensure efficient management. The document outlines the scope, advantages, limitations of each system and how they help management and auditors.
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
UBL is the leading auditing firm in Dubai. We become experts in your business with practices across the UAE-helping you take control of finances across all aspects of your business. While we are qualified auditors, accountants and business consultants, our innovative, flexible and business approach is what makes us different.
The most comprehensive definition of internal audit is given by the IIA, USA. It is,
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."
The purpose of the presentation is to provide clarification for a better understanding of what internal audit definition, objectives, functions, stages and reporting are all about? What difference does it make in the presence of an external audit? How different is its scope from that of the external audit? How internal audit standards contribute to better performance of internal audit work and its reporting to the Board or Audit Committee?
Internal audit means a continuous critical review of financial and operating matters of a business. In other words, we can say that the audit of a business conducted by the business for a continuous basis. Internal audit is done by the internal staff appointed particularly for the audit purposes. These are called internal auditors.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
2. INTERNAL
CHECK
● Internal Check is a valuable part of Internal
Control.It is the built-in check in accounting process
itself.
● It is an arrangement of duties of staff members in
such a way that the work performed by one person
is automatically checked by the other.
● It is an essential feature that no one employee or a
group of employees has exclusive control over any
transactions or group of transactions.
● It helps in minimizing the possibility of fraud,error
or irregularity.
3. According to ICAI
“It is a system of allocation of
responsibility, division of work and
,method of recording transactions whereby
the work of an employee or group of
employees is continuously by correlating it
with the work of others.”
4. Characteristics
of Internal
Check
→ To eliminate the frauds and errors
which may be committed by the staffs.
→ To prevent misappropriation of cash
or stock.
→ To ensure the reliability of
information produced by the accounting
system.
→ To detect errors and frauds promptly
which helps to minimize their effects in
long term.
→ To exercise moral pressure over the
staffs.
5. Advantages &
Disadvantages of Internal
Check
ADVANTAGES
1. It helps in fixing the responsibility as
there will be proper segregation of
duties among the staff.
2. It helps in Increasing the efficiency of
clerks
3. It helps in preventing errors and
frauds.
4. There is a reliability of the information
due to efficient system of Internal
Check.
5. It reduces the workload of auditor.
DISADVANTAGES
1. It is a costly process for a small scale
business.
2. If Internal Check system not properly
organized it may lead to disorder in
the working of the business.
3. There may be situation of
compromise while giving importance
to faster results.
4. There are chances of conflicts in
business due to detection of error or
frauds.
6. Internal
Check and
Auditor
There are some duties which were to be followed
by auditor with regard to the Internal Check
system.
1. An auditor should satisfy himself about the
working of the proper internal control system.
2. If the auditor decides to rely on the internal
check system of the company then he can
reduce the extent of detail checking.
3. The auditor should assess the reliability of
Internal check system.
7. INTERNAL
AUDIT
● It is the review of operations and records
undertaken by a specially assigned staff on a
continuous basis.
● It is an important element of the internal control
system.
● It not only focussed purely on finance but also
reviews and undertakes a critical appraisal of
companies policies and procedures.
● It is focussed in maximizing organisational
effectiveness.
● It evaluates companies internal controls along with
its corporate governance and accounting
processes.
8. According to ICAI
Internal Audit is an independent
management function which
involves a continuous and critical
appraisal of the function of the
entity
9. Scope of
Internal
Audit
1. Internal audit can be used to safeguard the
assets of an organization.
2. It helps in monitoring the Internal control of
the organization by reviewing controls,
monitoring their operation and
recommending improvements.
3. It helps in review of Operating Activities
through reviewing the economy, efficiency
and effectiveness and operating activities.
4. It helps in the management of Risk by
identifying and evaluating significant
exposures to risk.
5. It helps in economical and efficient use of
resources.
10. 1 2 3 4 5
Objectives of Internal Audit
To verify the
correctness,
accuracy and
authenticity of
the financial
accounting and
statistical
records
presented to the
management.
To facilitate the
early detection
of frauds and to
prevent it.
To examine the
protection
afforded to
company's
assets and use
of them for
business
purpose.
To identify the
authorities
responsible for
purchasing
assets and other
items as well as
disposal of
assets.
To ensure that
the accounting
practices which
have to be
followed by the
organization are
strictly followed.
11.
12. INTERNAL
CONTROL
1. Internal Control system is one of the basic and
essential factors for efficient and effective
management. It covers the whole management system
of an organization, both financial and non-financial.
2. Internal control system is helpful for the management
and also the Auditor in achieving goals and targets
effectively.
3. Internal Control comprises of the plan of the
organization and all the coordinate methods and
measures adopted within a business to safeguard its
assets.
13. Objectives of
Internal Control
From Auditor’s point of view
● It is important for the auditor to
evaluate the system of Internal Control.
To obtain an adequate understanding
of the internal control system. The
auditor has to determine whether audit
is possible or not.
From Client’s point of view
● It helps in decision making and to run
business effectively.
● Safeguard business assets.
● Minimize the wasteful activities and
focus on performing activities of a
business.
14. Scope Of Internal
Control
Cash - Internal control is applied over
payments and receipts of an
organization. This is to safeguard from
misappropriation of cash.
Control over Sale and Purchase − With
proper and efficient control system for
transactions regarding purchase and
sale of material, handling of material and
accounting for the same is must.
Financial Control − It deals with the
efficient system of accounting, recording
and supervision.
Employee’s Remuneration − Internal
control system is applied to preparation
and maintenance of records of
employees and the payment methods
also. It is also necessary to safeguard
against misappropriation of cash.
Capital Expenditure − Internal control
system ensures the proper sanction of
capital expenditure and also the use of it
for the purpose intended.
15. Characteristics Of
Internal Control
● Competent and trustworthy
personnel
● Records, Financial and other
Organization plan
● Organizational plans
● Segregation of duties
● Supervision
● Authorization
● Sound practice
● Internal Audit
● Arithmetic and accounting controls
16. Limitations of
Internal Control
● Management decision to choose cost
effective control system may reduce
the effectiveness of internal control
system.
● There are chances of misuse by a
person of authority who is operating
on internal control system.
● Objectives of internal control systems
may be defeated by manipulation of
management.
● Since internal control system is
involved in routine transactions,
irregular transactions may be
overlooked.
● Changes in conditions may affect the
effectiveness of internal control system