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INTERNAL CONTROL


iNTERNAL CONTROL

check is a system through which the accounting procedures of an organisation are so laid out that the accounts procedures are not under the absolute and independent control of any person. They also have a duty to their shareholders to produce meaningful statements. Ongoing monitoring occurs in the ordinary course of operations, and includes regular management and supervisory activities, and other actions personnel take in performing their duties that assess the quality of internal control system performance. The overriding requirement of their report was that the directors should: (a) implement a sound system of internal controls, and (b) that this system should be checked on a regular basis.

The risk assessment should be conducted for each business within the organisation, and should consider, for example: internal factors, such as the complexity of the organisation, organisational changes, staff turnover levels, and the quality of staff external factors, such as changes in the industry and. In addition, there may be a control to allow a sales manager to authorize reason able deviations from the price list. In analyzing the pertinent costs and benefits, managers also need to consider the possible ramifications for the University at large and attempt to identify and weigh the intangible as well as the tangible consequences. For example, a fixed price list may serve as an official authorization of price for a large sales staff. The point at which this decision is taken will depend on the extent to which the benefits of function will outweigh the costs. Economic, industry and regulatory environments change and entities' activities evolve.

Set up a system to implement the required controls, including regular feedback. (3) Control activities These are policies and procedures that ensure that the decisions and instructions of management are carried out. All policies must be implemented thoughtfully, conscientiously and consistently. Risk assessment is the identification and analysis of relevant risks to achievement of the objectives, forming a basis for determining how the risks should be managed. The Turnbull Report requires: (a) That internal controls should be established using a risk-based approach. Because of changing conditions, management needs to determine whether the internal control system continues to be relevant and able to address new risks.


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