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What are the aims of internal control so far as Financial and Accounting aspects are concerned?
What are the aims of internal control so far as Financial and Accounting aspects are concerned?
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What are the aims of internal control so far as Financial and Accounting aspects are concerned?
What are the aims of internal control so far as Financial and Accounting aspects are concerned?
Aims of Internal Control in relation to Financial and Accounting Aspects
Internal controls relating to financial and accounting aspects are concerned with achieving the following objectives –
(i) transactions are executed in accordance with management’s general or specific authorisation;
(ii) all transactions and other events are promptly recorded in the correct amount, in the appropriate accounts and in the proper accounting period so as to permit preparation of financial statements in accordance with the applicable accounting standards, other recognised accounting policies and practices and relevant statutory requirements, if any, and to maintain accountability for assets;
(iii) assets and records are safeguarded from unauthorised access, use or disposition; and
(iv) the recorded assets are compared with the existing assets at reasonable intervals and appropriate action is taken with regard to any differences.
Thus, it is clear from the above that internal controls relating to accounting and financial aspects primarily aim at providing the flow of work through various stages so as to segregate the authorising, recording and custodial aspects of the transaction.
Also, the nature, timing and extent of the procedures performed by the auditor to obtain an understanding of the accounting and internal control systems will vary with, among other things.
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