A review was recently carried out of the internal control systems of Gill Plc. The audit Committee Chairman as part of his remarks said that an organisation has an effective control system in place where the management is committed to accurate financial reporting.The control process provides the organisation with the ability to carry out data analysis and information management which is required by the business and employees to effectively function.Control processes enables the organisation to achieve it’s aims and objectives by focusing on activities designed to safeguard the Management of the assets before, during and after it’s daily operations. He concluded that the shareholders receive a great return and transparency in financial reporting is achieved where there is an effective and efficient internal control system in place. With a justification for the above case study by identifying and explaining: a) FOUR characteristics of an effective internal control systemb) THREE different types of internal control systemsc) THREE main components of internal controls
A review was recently carried out of the internal
The control process provides the organisation with the ability to carry out data analysis and information management which is required by the business and employees to effectively function.
Control processes enables the organisation to achieve it’s aims and objectives by focusing on activities designed to safeguard the Management of the assets before, during and after it’s daily operations. He concluded that the shareholders receive a great return and transparency in financial reporting is achieved where there is an effective and efficient internal control system in place.
With a justification for the above case study by identifying and explaining:
a) FOUR characteristics of an effective internal control system
b) THREE different types of internal control systems
c) THREE main components of internal controls
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