Internal Check Flashcards
1
Q
Meaning of Internal Check
A
An Internal check is a system of checks and balances within an organization designed to ensure the accuracy and reliability of financial and operational processes.
2
Q
Key features of Internal check
A
- Segregation of Duties
- Automatic Verification
- Prevention of Errors and Fraud
- Efficiency
3
Q
Auditor’s Duty Regarding Internal Check
A
- Understanding the Internal Check System
- Evaluating the Effectiveness
- Testing the System
- Identifying Weakness
- Reporting Findings
- Impact on Audit Procedures
- Compliance with Standard
