internal control pptx
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Internal controls are procedures put in place by management to safeguard assets, promote accountability, and increase efficiency. They also help prevent fraudulent behavior. The main objectives of internal controls are to prevent errors and fraud, ensure accurate financial reporting, and ensure compliance with laws and regulations. However, internal controls have some limitations, such as when collusion, human error, or management override occurs. Key aspects of effective internal controls include segregating duties, implementing job rotation, establishing authority levels, and separating custody of assets from record keeping.
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Internal control system
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Internal controls are defined as the entire system of controls, both financial and non-financial, established by management to carry out business operations in an orderly manner, safeguard assets, and ensure accurate and reliable record keeping. An effective internal control system includes proper organization structure and division of responsibilities, adequate authorization and accountability, sound practices and procedures, competent personnel, and controls over assets, liabilities, revenues, and expenses. However, internal controls also have limitations such as high implementation costs for small businesses, the potential for human error, possibility of collusion between employees, and risk of misuse of authority or manipulation by management.
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This document provides an overview of auditing concepts including:
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The document discusses internal controls and provides guidelines for cash controls, petty cash, cash over and short, banking activities, and bank reconciliation. It explains that internal controls protect assets, ensure reliable accounting, promote efficient operations, and encourage adherence to company policies. Some key principles of internal controls are clearly establishing responsibilities, maintaining adequate records, separating duties, and performing regular reviews.
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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.
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Why do we need internal control in an organization? What is its purpose, and what are its
objectives (not components)? Can you explain with examples?
Solution
INTERNAL CONTROL - The process designed, implemented and maintained by those charged
with governance, management and other personnel to provide reasonable assurance about the
achievement of an entity’s
objectives with regard to reliability of financial reporting,
effectiveness and efficiency of operations, safeguarding of assets, and compliance with
applicable laws and regulations. The term \"controls\" refers to any aspects of one or more of the
components of the internal control
WE NEED INTERNAL CONTROL SYSTEM IN THE ORGANISATION TO REDUCE THE
RISK OF FRAUD AND ERRORS
MAIN OBJECTIVES OF THE INTERNAL CONTROL SYSTEM IN THE ORGANISATION
ARE
Aims of Internal Control in relation to Financial and Accounting Aspects: Internal
controls relating to financial and accounting aspects are concerned with achieving the
following objectives -
(1) transactions are executed in accordance with management’s general or specific authorisation;
(2) all transactions and other events are promptly recorded in the correct amount, in the
appropriate accounts and in the proper accounting period so as to permit preparation of
financial statements in accordance with the applicable accounting standards, other recognised
accounting policies and practices and relevant statutory requirements, if any,
and to maintain accountability for assets;
(3) assets and records are safeguarded from unauthorised access, use or disposition; and
(4) the recorded assets are compared with the existing assets at reasonable intervals and
appropriate action is taken with regard to any differences.
For example : an auditor may perform a \"walk-through\" test that is, tracing a few transactions
through the accounting system. When the transactions selected are typical of those
transactions that pass through the system, this procedure may be treated as part of the tests of
control. The nature and extent of walk through tests performed by the auditor are such that they
alone would not provide sufficient appropriate audit evidence to support a control risk
assessment which is less than high.
Thank you hope this usefull.
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Management oversight on internal controls and communication is a key in successfully implementing the financial strategies of any organization. Management cannot do every single aspect in the company, and must rely on communication and ethical conduct to get business done.
How does the specific authorization and management oversight of financial capital processes affect internal controls? Provide examples of failed authorization and successful authorization of internal controls and the financial capital outcomes.
Respond:
Management oversight and authorization are a part of corporate governance, which includes internal controls, this is done by setting and monitoring financial goals and maintaining reliable accounting journals and ledgers, as well as setting an ethical tone starting with upper management.
An example of a failed authorization is when an unauthorized employee approves vouchers or uses the login information of another employee, this type of behavior can be used for fraudulent entries or transactions. A successful authorization is when there is a segregation of duties from authorization to asset custody and recording in the journal, this should be done by three separate individuals to maintain the integrity of the transaction and lessen the chance of errors, theft, and fraud.
.
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internal control pptx
- 2. MEANING An internal control is a procedure or policy put in place by management to safeguard assets promote accountability increase efficiency and stop fraudulent behavior.
- 3. DEFINITIONS Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness financia l reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization. In other words, an internal control is a process put in place to prevent employees from stealing assets or committing fraud
- 4. OBJECTIVES OF INTERNAL CONTROL Following are the main objectives of internal control: To prevent errors and frauds To prenent the miss use of goods and cash To keep an accurate records of all the business transactions Protect organisation assets against their improper expenditures Assure and accuracy debendability of all the financial and operating informations
- 5. Internal Controls help to understand and mitigate risks. Internal Controls help to address financial statement assertions. Internal Controls help to prevent and detect fraud. Internal controls help to prevent misstatement of financial statements. Internal controls help to establish company practices
- 6. LIMITATIONS OFINTERNAL CONTROL Collusion. Human error. Management override. Missing segregation of duties.
- 7. An accounting procedure whereby routine entries for transactions are handled by more than one employee in such a manner that the work of one employee is automatically checked against the work of another detection of errors and irregularities.
- 8. ELECTIVECRITERIAFORGOODINTERNALCHECK Division of Work Job rotation Authority levels Separation of custody and recording Accounting controls
- 9. Division of Work: No one should be allowed to have right to perform the work from origin to end. Job rotation: No individual clerk should be allowed to occupy a particular area of operation for long. Authority levels: There must be clear cut authority levels for according sanctions to various transactions.
- 10. Separation of custody and recording: There needs to be effective control by way of separation that the persons handling an asset cannot make entries for the transactions without any counter check. Accounting controls: In order to ensure internal check with regard to recording of transactions in accounting records various cross checks must be introduced to ensure that the accounting records reflect reliable information.
- 11. THANK YOU