Internal control is one of the tools for maintaining efficaciousness in the internal management of an enterprise. Get your audit committee and internal control assignment help from our experts. It includes both financial and non-financial aspects and its rules act as a system of checks and balances among various levels that ensures the economic and altruistic productivity of the institution.
An accounting student, you need to flag any loophole in the internal control system and check whether the current risk management operations are efficient enough to foresee and prevent any risk. This task does not seem to be an easy one if you are going to write an assignment for that. But, worry not, we are here steer your way through the labyrinths of ACCT2004 auditing and internal control.
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Internal control management from an auditors point of view is the blueprint of procedures of an association to achieve their goals like assessing financial data from various internal and external sources describing the current financial status of the company, to ascertain the reliability of these sources, and predicting trends that could increase the profits.
This makes auditing and internal control a humongous task filled with never-ending arithmetic calculations. An auditor lays down the evaluating procedure to scrutinize and criticize the ongoing system of internal assessment. This ensures that all the policies of indoor management have adhered to the spirit of the letter for avoiding economic and managerial faux pas.
We could say that internal audit is the genus while auditing is its species, rather financial species. It is one of the many characteristics of internal control among plans of the organization, efficient and skilled employees, procedures for recording transactions, the delegation of duties, verification at various levels to trace accountability, super visioning controls, pragmatic approach for possible errors, arithmetic and calculation procedures.
Auditing is an essential function while internal control is a set of holistic tools and rules. The former is done to decide the future course of action. It assesses the status of a company vis-s-vis risks that may be posed while incorporating certain actions.
Auditing acts as a pedestal from where the effectiveness of the internal control system could be probed. It is not performed to make predictions regarding risks but to overlook the strength of defences that the company has put to mitigate the losses. Auditors flag that governance is either good or bad.
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Auditors often assume that their clients are not acquainted with what happens in the auditing process because they might be running small entities having moderate turnovers. But, what they are missing here is that they are running an institution and making profits. They have come to avail their services to make the books of accounts more sophisticated and planned. This does not mean that they dont have their protocols to assess the balance sheets or financial statements.
Every enterprise has a different set of internal control procedures. An experienced and responsible auditor would take a while to understand the internal management of the company to ascertain how they have been identifying their assets, liabilities, and equities until now.
Methods that were employed for auditing a previous company may not suffice for the subsequent one. It depends upon the turnover of the entity, the probabilities of risk that they might face in their ongoing business, how much risk-prone is their approach and their proximities to such risks, the level of complexity involved, etc.
It is very irresponsible for an auditor to assume that there was an effective internal control for financial management operating already. If a company is having any control procedure, the auditor needs to check its effectiveness. The system may be designed on the principles of good governance but it was not being incorporated.
For example, a company may be having all the resources at its disposal to get every kind of external source for reconciliation but, its internal system of financial assessment is not managed properly and because of this, there are myriad discrepancies in the reconciliation process even though all the payments and receipts are accounted for in the total balance.
Thereis a reasonable difference between assumptions and foresightedness. You may satisfy your predictions based on foresightedness because they have a reason. But, assumptions cant necessarily be supported by this element of mental faculty.
Similarly, an auditor has reasonable prudence to work according to the internal management of the company which may be different for different fields. For example, a firm enters an invoice in their ledgers when it is generated. This means that the liability in that invoice is not settled yet. The paying party may default. The contract may get frustrated. So, an auditor must devise ways to chaff settled payments against ongoing payments.
In another company, it may occur that the company is entering only the settled payments that have occurred without any default. This means that they are leaving the liabilities and entitlements of money which may give false figures in annual and internal financial statements.
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