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Internal Systems of Control

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Internal Systems of Control

Corporate governance is the system by which a company is directed and controlled. The directors, or management, of a company are those individuals responsible for this.

As stewards of a company (i.e. they run the company on behalf of the owners), directors are responsible: for making operational decisions in the best interests of the owners; safeguarding the assets of the owners; and providing the owners with relevant and timely information that they can use to assist with their decision making.

One of the key components of this is the need to implement internal control systems. They are vital to the effective operation of the company.

The are of particular significance to and auditor because the strength of a client's internal controls directly impacts the risk of:

Auditors therefore have to gain an understanding of the strengths and deficiencies of the system to assist their risk assessment during the planning process. This includes:

Created at 10/5/2012 11:29 AM  by System Account  (GMT) Greenwich Mean Time : Dublin, Edinburgh, Lisbon, London
Last modified at 11/2/2016 11:22 AM  by System Account  (GMT) Greenwich Mean Time : Dublin, Edinburgh, Lisbon, London

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ACCAPEDIA - Internal Systems of Control