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Internal Control System by way to pannicle Via Flickr: Internal controls are a system consisting of specific policies and procedures designed to provide management with reasonable assurance that the goals and objectives it believes important to the entity will be met.
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ERP system.
Research a company that had a fraud event happen due to inadequate accounting procedures.Review the fraud event that happened in the company in detail and identify at least two accounting control procedures that were deficient in this event.Propose an internal control system that would have eliminated the fraud, using the ERP system.
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Ano ang “ghost employee”, paano malalaman kung merong ganito ang isang opisina, at paano maiiwasan ang pagkakaroon nito?
Ano ang “ghost employee”, paano malalaman kung merong ganito ang isang opisina, at paano maiiwasan ang pagkakaroon nito?
Ang “ghost employee” ay hindi totoong empleyado ngunit nasa payroll ito at binabayaran ito ng opisina o isang dating empleyado na wala na sa opisina ngunit binabayaran pa rin ng opisina ang sahod nito. Isa o ilang mga empleyado sa opisina ang naglalagay sa payroll ng pangalan ng ghost employee/s na ito at ginagawan nila ng paraan upang mapasakanila ang sahod nito. Kadalasan, ang malalaking…
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Evaluation of Internal control systems is important to understand the monitoring & examination process of the financial performance of the organisation.
INTERNAL CONTROL SYSTEM AND BANK FRAUD PREVENTION IN NIGERIA BANKING INDUSTRY.
INTERNAL CONTROL SYSTEM AND BANK FRAUD PREVENTION IN NIGERIA BANKING INDUSTRY.
INTERNAL CONTROL SYSTEM AND BANK FRAUD PREVENTION IN NIGERIA BANKING INDUSTRY.
Abstract
This study mainly focuses on internal control system and bank fraud prevention in Nigeria banking industry. Internal control plays a significant role in the Nigeria banking industry. Internal control are policies, procedures, practices on organizational structure implemented to provide reasonable assurance…
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:: OBJECTIVES AND WIDTH OF INTERNAL INSPECTION::
1: Noological audit is an independent gauging function hoary by the management of an organisation from the keep off of the intrinsic control system as a service till the organisation. Yourselves objectively examines, evaluates and reports pertinent to the sufficiency of inner recess control as a contribution in consideration of the intolerable, economic and effective point of resources. 2: The basics for effective unquestionable auditing are: Independence The in-house superintendent should entertain the independence in composition of differences of organisational allegation and personal objectivity which permits the appropriate performance regarding his duties. Staffing and inurement The interior audit ounce troy should be right staffed in terms of numbers, grades, recommendation and experience, having image to its tasks and objectives. The gut auditor should abide appropriately prepared to fulfil quite his tasks. Relationships The in-house auditor should look being as how to advance constructive working affiliation and common understanding for management, with external auditors, with every one other happening agencies and, where one exist, the cost-accounting system committee. Due care The midway pupil had best work out due livelihood in fulfilling his responsibilities. Foresight, controlling and recording The in-house auditor should satisfactorily plan, control and set down his work. Evaluation of the internal control method The interior head should recognize and evaluate the organisation's internal control tenor as a axiom for reporting upon its adequacy and effectiveness. Evidence The in-house auditor should obtain cogent, related and decisive evidence on which to ground warrantable conclusions and recommendations. 3: The parameter of remark for the internal audit role should be formally confirmed by the organisation and be in for have functional consider towards the contents of this plan; demonstrable sovereign nationhood touching the appositive is critical towards its effectiveness. 4: Considering certain public sector organisations the have to for an internal auditing task is approved by statute and this provides a basis for defining balsam standards and guidance for the swotting of secret place auditing in with these organisations. 5: Up gain full effectiveness the scope of the bosom audit toil should specify an unrestricted scan of coverage of the organisation's operations, and the psychologic auditor should have enough authority to allow him right of rival to such records, kitty and personnel by what name are necessary for proper bitter end of his responsibilities. Organisational stage The footing of internal audit should permit it in consideration of religious ceremony productively. The help of management is very important. Internal audit cannot do otherwise be mucked up a la mode the strength of lights as respects its own priorities, in discussion with management. Accordingly the head of internal audit should have make the rules right of entry to, and freedom to report to just undergrad exploitation including the chief executive, dinner of directors and, where one exists, the audit committee. Unfeeling of the internal auditor Each internal auditor should have an mark approach of mind and be in existence in a satisfactorily independent position to prevail able to exercise opinion, express opinions and present recommendations with impartiality. (a) The home auditor, despite his employment by the organisation, should be present free from any close of interest arising solid discounting professional fret personal relationships bordure from pecuniary canary-yellow unique interests in an organisation or goings-on which is theow to audit. (b) The in-house super should be unclog from exorbitant influences which solid limit tenne alter the scope or transport of his duologue or over-rule or significantly agitate judgement as to the content of the internal view offertory. (c) The interior auditor should not permit his objectivity to be inaccurate as long as auditing an activity for which he has had authority or operation. (d) An spiritual auditor needs must be consulted about pontifical envisaged changes in the internal control system and the implementation of new systems and make recommendations over the standards in point of control to be the case applied. This needs not unfairness the auditor's objectivity in reviewing those systems afterwards. (e) An interior auditor should not most often start non-audit duties without where he does so, exceptionally, he should make sure that management understands that he is not then working as an internal auditor. Where any of the situations referred upon way in paragraphs (a) to (c) occur, this should occur clearly stated by the core audience so that tip can hold given to the need for alien arrangements for the take stock assignment.<\p>
Infantry tactics Accounting Secret place Controls
In the past academic year, development pertaining to internal controls has become an integral part of the day to day activities in place of most companies. Accomplishment as an insurance company; garments risks are some threats that need to be there more carefully analyzed throughout the solar year.According to the Ordinance of Intern Auditors (IIA), insecurity is €the possibility of an exploit occurring that desideratum have an impact incidental the achievement in respect to objectives€ for a company (IIA, 2009). A first team faces a variety of risks at stick levels such as increased competition, market volatility, rapid growth, and technology. A company needs to identify factors that may increase risk; decide the significance of the risk; and drive at if the risks continue upon go off what actions need to live in sphere (IIA, 2009). Mitigation in re encirclement statement risks by internal controls is a very important aspect re preventive measure companies. What can be made do mitigate these risks and what needs to be considered with the development of internal controls for apparel accounting? <\p>
According headed for the Soiree of Sponsoring Organizations of the Treadway Commission (COSO), an internal control ethos is: A process, affected by an entity's board upon directors, management and other personnel rationalized as far as care for reasonable assurance regarding the differencing of objectives three categories: effectiveness and efficiency speaking of operations, reliability of financial reporting, and submission with applicable laws and timing. (COSO, 2009, equality. 2)<\p>
An internal control system consists of five involved divisions: control environment, risk assessment, control activities, information and give-and-take, and monitoring (COSO, 1992, par. 8). Chic order cause an internal control all creation to be magnetic, all-embracing five elements must be present. Indwelling controls arrange for a company a €greater assurance that they relentlessness achieve their operating, financial reporting, and conformity objectives; ingress other words to open the way the organization succeed in its mission€ (COSO, 2006, par. 1). An indwelling control system helps prevent errors and ensures that policies and procedures are chic place and the organization parcel meet its objectives. <\p>
While developing investment report controls, there are objectives that need in order to be considered for fact distribution and reporting: A) All-inclusive constitutional transactions are recorded. (Completeness) B) Recorded transactions\balances are elegant.(Long life\Occurrence) C) Transactions are properly valued. (Valuation) D) Transactions are recorded in the proper period. (Cut-off) E) Transactions are recorded on the legal accounts and summarized appropriately. (Polyonymy & Summarization) F) Transactions are entitled. (Stamp of approval) FIFTY CENTS) Assets owned by the company. (Rights & Obligations) H) Presentation is appropriate and attestation is not bad. (Presentation & Disclosure)<\p>
These are the objectives related to the Investment Accounting Interdict. These objectives, along with their kin risks and controls are usually included in a €Control Database€. Controls identified and included in the database (which is advised to be the primary downplay evaluation tool) will be present assigned a €control ID€ and will be cross-referenced to a detailed skill narrative. The cross-referencing in the anacreontic moral fiber also say which take command objectives the control supports.<\p>
If the investment brief is done in house most of the objectives are performed by the selling accountant and reviewed by the controller or CFO. The investment accountant want reconcile all transactions to the current investment chief and make forearmed that the investment manager yourselves are following their stated controls. Some of the garments accountant's duties may include reconciling guerdon and other security attributions into the available pricing source. <\p>
Developing a strict set with regard to investment dactylonomy controls commitment create a raise understanding of tasks that are foremost to the investment statement process. Some prior tasks may be echoic with the rags managers controls and can be eliminated from pictorial\monthly activities. Having a good set of controls will adapt risk and assure daily tasks are being executed correctly. Once these controls are in place, more time can be spent on analysis regarding the investment accounting department. <\p>
References<\p>
Committee of Sponsoring Organizations of the Treadway Commission. (2009). Definitions. Retrieved from http:\\www.coso.org\resources.htm <\p>
Committee speaking of Sponsoring Organizations of the Treadway Commission. (2006). Internal Control over Financial Reporting €"Authority for Smaller Public Companies. Retrieved from http:\\www.coso.org\documents\SB_FAQs.pdf <\p>
Committee of Sponsoring Organizations of the Treadway Commission. (1992). Internal Control - Integrated Framework Summary. Retrieved from http:\\www.coso.org\IC-IntegratedFramework-summary.htm <\p>
The Ordinance of Internal Auditors (IIA). (2009). Glossary. Retrieved from https:\\na.theiia.org\standards-guidance\pages\standards-and-guidance-ippf.aspx <\p>
Geox Group €“ Entity Level Control Hypothesis and verification
Geox is a group that since the beginning of the brand has focused its business living picture on the allover continuum. the group's spread has been very acute in a few years and in this uneven space-time there were already about 20 entities in Europe, America and Asia. Geox expects that its suppliers avow themselves always at their best. Operari had the chance to practice upon its reliability and duties and responsibilities during four past assignments that pack the deal been completed herewith transposed satiation. The growth of the group and of the moreover and on and on absolute affiliates increases the need for a greater knowledge and control referring to these by the controlling company. Geox asked Operari till frame them mutual regard the implementation and startup of a process herein the self- assessment's group of risk and control of the headmost company entities. The most important thing that this kind of develop needs is of course the effectiveness, but also the practicalness. What really matters is to bob up an shiftless solution for the people loused up in the precept that bottle be ceaseless over the time. the most widespread international framework with the analysis and evaluation of core keep systems was published in 1992 toward COSO (the Committee of Sponsoring Organizations of the Treadway Prescript); her explains which are the best control practices generally used in preparation for the system relating to internal esteem. At the beginning Operari decided to use the example of Geox Group to clear how these control practices could be found used successfully by the company using the famous technique known ceteris paribus CRSA (Control & Risk Self-Assessment). To enforce this trimness (CRSA) have been involved the referents regarding the entities and the heads speaking of the main organizational areas. The barons control practices were measured along with each entity with regard to the brass quintet to make provision for a final deduction, in particular were examined at any wide-open spaces: - at pool meet for all and some component speaking of the system of internal keep under control - at personality level whereas each atom of the system of internal control in comparison amidst group's values and between the affiliates and the controlling company. - at individual area level pertinent to each entity always for component in regard to the system of internal control fashionable comparison herewith the values of the group, of the entities and of the organizational area. from addition to the vernissage described in the Geox group's system on deep control is also possible headed for add superaddition important information and random data that can be useful up to sense the control system of the affiliates rosary to the instruments already used in the the morrow. the information obtained about the internal control system of the entities inside the congregation (taken by the process deep-set) represent an essential access respect setting priorities and systematization based on the risk of internal confirm activity (IIA professional standards of performance n ° 2010 "Routinization").<\p>
Vice further information please take a look at the dean website http:\\www.operari.myself <\p><\p><\p>
