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6 Cards in this Set

  • Front
  • Back

Internal control is the management system of controls, financial and otherwise, established in order to provide reasonable assurance of?

Effective and efficient operation.

Internal financial control.

Compliance with laws and regulations

Good internal control systems should make accounting records more reliable and the occurrence of fraud and error more difficult.

Controls can be categorised into four main types?





Financial controls are established to provide reasonable assurance of?

The safeguarding of assets against unauthorised use or disposition.

The maintenance of proper accounting records and the reliability of financial information used within the business or for publication.

Some of the types of non-financial qualitative controls are:

Formal structures

Informal structures

Rules, policies and procedures

Physical controls

Strategic plans

Incentives and rewards

Project management

Personnel controls

It is important to choose the right controls while designing a controls system by asking 'What might go wrong?' and 'How can the problem be dealt with?'
One of the biggest dangers in designing a control system is that the controls themselves become the focus of the process, rather than the underlying activity.

There are limitations of internal control?

Controls can be overridden by managers.

Controls can break down because of staff issues.

Controls can break down on a temporary basis when staff are ill or away on holiday.

Easy access to technology makes its difficult to enforce controls.