Organisational Control & Audit Flashcards
1
Q
What is the definition of Internal Controls?
A
- a process affected by an entity’s BOD, management and other personnel, designed to provide reasonable assurance regarding achievement of objectives, reporting and compliance.
2
Q
SPAMSOAP
A
- Segregation of duties
- Physical Controls
- Authorisation & Approval
- Management Controls
- Supervision
- Organisation Structure
- Arithmetical & Accounting Controls
- Personnel Controls
3
Q
Objectives of an Internal Control Systems?
A
- Efficient operations and conduct of business
- Ensuring compliance with the Organs internal policies and procedures
- Safeguarding the assets of a business
- Preventing & detecting error and fraud
- Timely preparation of accurate and complete financial information
4
Q
What are the responsibilities of the Audit Committee?
A
- Reviewing Financial Statements
- Point of contact in the whistle-blowing policy
- Audit (Internal & External)
5
Q
What is Internal Audit?
A
is concerned with reviewing the effectiveness of controls and the efficiency of operations and suggesting improvements to both.
