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As a good way of introduction, internal control system can be defined as the whole system of control, policies and procedures, financial or otherwise; established by the management of an entity in order to achieve and accomplish the following objectives:
• Orderly and efficient conduct of the business activities and managerial operations.
• Safeguarding and protecting the assets of the company against damages and losses.
• Prevention as well as the detection of frauds and errors in the system.
• Ensuring accuracy, completeness and reliability of all the accounting records being kept.
To this end, we can go forward to say that internal control and compliance staffs are like watchdogs, trackers and detectives designated by the management to guard against every forms of undesirable practices going on within the four walls of the company. They must possess the eagle's eyes and not only that, they are also strictly bound to approach their assignments with open mind free from bias and prejudice. Their mindset should be such that they are always focused on auditing and investigating the system and not merely the human elements within.
With full respect to the job description, the internal control and compliance staffs have the following duties to discharge in any organization where they are operating:
• Measurement of the adequacy and effectiveness of the internal control system of the entity continuously and on a routine basis too.
• Constant and routine checks on daily basis to ensure that frauds and errors are prevented, detected and eliminated from the system.
• Provision of timely advice to the management on issues and matters relating to internal control.
• Investigation and the institution of due finding processes on reported cases of malpractices and malfunctions as well.
• Provision of tenders of statistical data for the management in order to permit informed decision making process to keep on flowing smoothly for the good of the organization.
• Carrying out other special tasks and functions as may be assigned to them from time to time. Such duties of care includes maintenance of the fixed assets register, implementing staff audit schemes and training new accountants in a bid to equip them with a better knowledge of the system.
TAGS: internal control systems are, internal control accounting, internal control audit, internal control assessment, internal control audit report, internal control and cash, an internal control system in accounting, internal control basics, internal control case study, internal control deficiencies, internal control design effectiveness, internal control documentation, internal control definition accounting, internal control deficiency evaluation, internal control elements accounting, internal control framework coso, internal control flowchart, internal control financial reporting, internal control for inventory, internal control for accounts receivable, internal control guidelines, internal control hotel industry, internal control in accounting, internal control in business, internal control importance, internal control journal pdf, internal control jobs in nigeria, internal control jobs singapore, internal control jobs london, internal control kaplan, internal control kpi, internal control kpmg, internal control key performance indicators, internal control letter sample, internal control limitations, internal control letter in audit, internal control letter to management, internal control measures, internal control non profit organizations, internal control over compliance, internal control of cash, internal control over cash receipts, internal control over bonds payable, types of internal control, principles of internal control, components of internal control, examples of internal control, definition of internal control, objectives of internal control, elements of internal control, importance of internal control, limitations of internal controls, internal control procedures for cash receipts, internal control procedures for accounts receivable, internal control questionnaire for small business, internal control questionnaire template, internal control risk assessment, internal control review, internal control recommendations, internal control standards, internal control uk usa, internal control working papers, 10 principles of internal control
As a good way of introduction, internal control system can be defined as the whole system of control, policies and procedures, financial or otherwise; established by the management of an entity in order to achieve and accomplish the following objectives:
• Orderly and efficient conduct of the business activities and managerial operations.
• Safeguarding and protecting the assets of the company against damages and losses.
• Prevention as well as the detection of frauds and errors in the system.
• Ensuring accuracy, completeness and reliability of all the accounting records being kept.
To this end, we can go forward to say that internal control and compliance staffs are like watchdogs, trackers and detectives designated by the management to guard against every forms of undesirable practices going on within the four walls of the company. They must possess the eagle's eyes and not only that, they are also strictly bound to approach their assignments with open mind free from bias and prejudice. Their mindset should be such that they are always focused on auditing and investigating the system and not merely the human elements within.
[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]
With full respect to the job description, the internal control and compliance staffs have the following duties to discharge in any organization where they are operating:
• Measurement of the adequacy and effectiveness of the internal control system of the entity continuously and on a routine basis too.
• Constant and routine checks on daily basis to ensure that frauds and errors are prevented, detected and eliminated from the system.
• Provision of timely advice to the management on issues and matters relating to internal control.
• Investigation and the institution of due finding processes on reported cases of malpractices and malfunctions as well.
• Provision of tenders of statistical data for the management in order to permit informed decision making process to keep on flowing smoothly for the good of the organization.
• Carrying out other special tasks and functions as may be assigned to them from time to time. Such duties of care includes maintenance of the fixed assets register, implementing staff audit schemes and training new accountants in a bid to equip them with a better knowledge of the system.
TAGS: internal control systems are, internal control accounting, internal control audit, internal control assessment, internal control audit report, internal control and cash, an internal control system in accounting, internal control basics, internal control case study, internal control deficiencies, internal control design effectiveness, internal control documentation, internal control definition accounting, internal control deficiency evaluation, internal control elements accounting, internal control framework coso, internal control flowchart, internal control financial reporting, internal control for inventory, internal control for accounts receivable, internal control guidelines, internal control hotel industry, internal control in accounting, internal control in business, internal control importance, internal control journal pdf, internal control jobs in nigeria, internal control jobs singapore, internal control jobs london, internal control kaplan, internal control kpi, internal control kpmg, internal control key performance indicators, internal control letter sample, internal control limitations, internal control letter in audit, internal control letter to management, internal control measures, internal control non profit organizations, internal control over compliance, internal control of cash, internal control over cash receipts, internal control over bonds payable, types of internal control, principles of internal control, components of internal control, examples of internal control, definition of internal control, objectives of internal control, elements of internal control, importance of internal control, limitations of internal controls, internal control procedures for cash receipts, internal control procedures for accounts receivable, internal control questionnaire for small business, internal control questionnaire template, internal control risk assessment, internal control review, internal control recommendations, internal control standards, internal control uk usa, internal control working papers, 10 principles of internal control
Standard Internal Control Procedures For the Internal Control System in a Typical Business Entity
![Standard Internal Control Procedures For the Internal Control System in a Typical Business Entity]()
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