1 answer

Internal control

Question:

List and discuss the four purposes of internal control


Answers

An internal control is a plan of organisation for your business. It co-ordinates all systems used in your business in order to safeguard the business’sassets. It also checks the accuracy and liability of the accounting information, promotes efficiency, encourages staff to be productive and assistsmanagement to adhere to the policies of the business.
In other words, internal controls is a system which checks how the business is going and puts in place a plan that will help the business keep on track.Controls also prevent people from doing things their own way, or from robbing the business.
With controls in place, employees’ duties can be arranged and the records and systems designed to make it possible to carry out effective accountingcontrol over the assets, liabilities, income and expenses of the business. Under this system the work of the employees is broken up wherever possible, sono single employee will perform a complete cycle of a particular operation.

There are actually four internal control objectives of financial reporting. They are 1) Control Environment 2) Risk Assessment 3) Information andCommunication Systems 4) Monitoring.

These internal control objectives help aid in presenting financial statements that are free of material misstatements.But just because internal control measures are implemented, doesn't mean people cannot circumvent those controls.



Read more: http://wiki.answers.com/Q/Three_internal_control_objectives_for_financial_reportin.

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