Objectives Of Internal Controls

Question 1

Efficient conduct

Answer 1

Ensuring that processes flow smoothly, free from

disruptions

Question 2

Safeguarding Assets

Answer 2

Ensuring that assets are used for their proper purpose and not vulnerable to misuse or theft.

Question 3

Prevention or Detection of Fraud

Answer 3

Ensuring that controls are in place to

prevent and detect fraudulent activity or theft.

Question 4

Completeness and Accuracy Of Financial Records

Answer 4

Ensuring accuracy and
completeness of accounting records to ensure the reliability of financial
statements.

Question 5

Timely preparation and reporting of financial statements

Answer 5

Organisations should be able to produce meaningful statements for shareholders and be able to file their accurate accounts on time to fulfil their legal obligations.