Internal Control

Posted in CategoryTechnical Queries
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    Toyin Olufon 3 years ago

    I came across a picture while scrolling through my social media news feed.

    (Click the link below to view picture) https://drive.google.com/file/d/1ASfTnGhWWrU8Ht7uPdhWLhd9jNmi8lrl/view?usp=sharing

     

    I found it very hilarious and annoying at the same time. As hilarious as I found it, it is a very sad reality in todays world. A lot of business boast of the fact that their internal controls are super great and effective, whereas in reality, the opposite is often the case. Below are a few things to note about internal control.

    Internal control are measures put in place by management to manage risk which could be financial, operational and compliance. Internal control ensures effectiveness and efficiency of operations as well as reliability of results/report.

    Internal controls may include;

    1.    Physical control (Proper safeguarding of assets and documents)

    2.    Authorization control (Transactions are done by only approved staffs)

    3.    Accounting control (Ensures that proper books of account are kept)

    4.    Segregation of duties (Sharing different responsibilities across individuals. This prevent fraud from been perpetuated by a single individual) 

    5.    Supervisory control (Policies are put in place to supervise all duties performed)

    6.    Arithmetical control (Ensure accuracy of transaction/ figures. This can be achieved through error messages and range check)

    7.    Budgetary control (Cost outside the ones budgeted should not be incurred except were necessary with proper approval)

     

    While we ensure that theses controls are in existence, it is also equally important that they are both adequate and effective. Which other controls are you aware of? Will be waiting to hear from you in the comment section.

     

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