Internal Control-CG-23Dec2011

Internal Control-CG-23Dec2011 - Internal Control Corporate...

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Internal Control Corporate Governance
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Introduction Discussion so far !!!!! Internal control: The whole system of controls, established by the management in order to carry on the business of the company in an orderly manner, to safeguard its assets, and secure as far as possible, the accuracy and reliability of its records. Includes financial and operational controls 2
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Objectives of internal control Ensuring the recording of the accounts Assets management Assuring that the company operations are streamlined and according to the policies and procedures 3
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Tools of internal control The different tools through which internal control can be developed in the company are; Basic controls (developing accounting procedures) Supervisory controls (to provide a check over basic controls-officer checking sub-ordinate, final approval, reconciliation, pre-audits etc ) Internal check (segregation of duties…. Well defined division of roles and responsibilities, 4
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Tools of internal control (cont’d) The different tools through which internal control can be developed in the company
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This note was uploaded on 03/07/2012 for the course FINANCE 245 taught by Professor Hameed during the Spring '12 term at IMSciences.

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Internal Control-CG-23Dec2011 - Internal Control Corporate...

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