Internal control

Weak Internal Control Internal controls are systems put in place by an organisation to ensure its efficient performance and delivery of its services to stakeholders. It also ensures that in situations where activities does not go as planned, the damage does not affect the productivity of the organisation by having contingency plans. Internal Control also has to do with reliable financial reporting and compliance with rules, policies and laws which are all ensured by the management of the organisation (Chartered Banker Professionalism, Ethics and Regulation 2015/16 page 353). The following came to fore as regards the Internal Control system of the Bank; • There were no sufficient checks in place to monitor and validate the transactions carried…

discuss the purpose of the internal control system. The purpose of the internal controls system is to safe guard assets, ensure integrity of financial information, and to protect customer’s information. While auditing the ABC Company’s financial record I found an error which reflects the strength of their internal control system. So I’ve been asked to educate my fellow accountants on the limitations of the internal control system in preparation for an upcoming audit. Specifically this…

Today, many non-profit organizations mistakenly assumed that their employees and volunteers wouldn’t steal from them. Several organizations have been misguided in setting up controls with regards to safeguarding funds. Many non-profit organizations become breeding ground of fraudulent activities because of this lax control (Yetman, 2008) Implementing and monitoring good internal control management will help to guarantee that nonprofit organization reach their objectives, for example by providing…

evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse receiving clerk is responsible for ordering parts for supply inventory use in drilling services, counts the inventory when received at the dock, records the receipts into the inventory ledger, and takes the annual inventory, No supervisor reviews the receiving clerk’s work. Missing Internal Control characteristics for William Oil Services: - In the William’s case oil…

transactions with customers and vendors, and through these transactions, the data gets processed, collected and stored. The data collected and stored from transactions usually contains individual customer’s and vendors private and business information that must be protected and safeguarded by the company’s effective and efficient control systems. Incidents may happen to anyone, and data processed and collected from transaction may intentionally or unintentionally released to an untrusted…

Internal control is money related administration rehearsing that are deliberately used to avoid abuse and misappropriation of benefits, for example, happen through robbery or theft (Weikart, 2013). Interior controls are for the most part depicted in composed strategies that portray the techniques that the charitable will take after, and additionally who is dependable. The objective of inward controls is to make business hones that fill in as "governing rules" on staff (and now and then board…

There are three main factors in COSO: operations, financial reporting and compliance.(4) For each of the factor, there are five points which are control environment, risk assessment, control activities, information and communications and monitoring.(4) From page 52 is the part of accountability. This part showed how board operating the internal control strategy. They introduced how to manage the risk first and then give us a short introduction which in there is mentioned as “the Board has…

According to my assessment, I have moderate internal locus of control, which is a score range of from 26-33. This means that I possess the skills of self-confidence and determination. In short, I have the attitude of perseverance and control, which are two important key points to being successful. I believe I possess the ability to control my own direction and destiny in my life. This quiz was fairly easy to access and complete, which included statements on politics and luck. Generally, people…

It has been variously described and operationalized in the literature. In general, though, internal control refers to regulation of behavior through internal schemas and resources rather than external forces such as social interaction. One common element across descriptions of internal control is that it is considered to be a “master” construct that encompasses other personality traits. Weinberger, for example, suggested that self-restraint is comprised of four subscales of self-control…

Internal control is a procedure, or policy, put in place by management to stop fraudulent behavior, increase efficiency, promote accountability, and safeguard assets. In other words, an internal control is to prevent employees from stealing assets or committing fraud. In fact, there has been an increasing importance placed on internal controls in every level of an organization. To my understanding, internal controls are a serial of control activities. They should include at least following…