The document discusses internal checks, which are procedures implemented by an organization to ensure accurate financial reporting and reduce errors and fraud. It defines internal checks, lists their objectives such as preventing errors and fraud, and notes advantages like dividing work and detecting errors. Potential disadvantages include reduced work quality and increased costs. An auditor's duties regarding internal checks are also outlined.

2. INTERNAL CHECK
PRESENTED BY :-
SUSHMA PARAB 231
ALEENA PEREIRA 232
SNEHA PILLAI 233

3. DEFINATION:-
• INSTITUTE OF CHARTERED
ACCOUNTANT OF ENGLAND &
WALES
• GUIDANCE NOTES OF ICAI

4. OBJECTIVES
• ERROR & FRAUD
• MISAPPROPRIATION
• DUTIES & RESPONSIBILITIES
• ACCURATE RECORDING
• REDUCED WORK LOAD

5. ADVANTAGES
• DIVISION OF WORK
• DETECTION OF ERRORS
• MINIMIZATION OF ERRORS
• MORAL INFLUENCE
• EFFICIENCY & ECONOMY
• PROFITABILITY
• FINAL ACCOUNTS
• CONVINCE

6. DISADVANTAGES
• QUALITY OF WORK
• COMPLACENCY OF
MANAGEMENT
• EXPENSIVE
• CONFUSION
• CHANCE OF COLLUSION

7. AUDITOR’S DUTIES
• ESTABLISHMENT OF INTERNAL
CHECK SYSTEM
• RELIABILITY ON THE SYSTEM
OF INTERNAL CHECK
• EVALUATION

8. CASE STUDY