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9.Internal Control (Types (Supervision, Organization, Management,…
9.Internal Control
Types
Supervision
Organization
Management
Authorisation
Arithmetical
Physical
Personnel
Segregation of Duties
Classification
Administration
Accounting
Prevent
Detect
Correct
General Control
Application
Good IC
Clear Org Structure
Adequate internal check
Pre-review and Post-review
Internal audit
Objective
Efficient and effective
Quality of reporting
Compliance with laws & regulations
Internal Check
Check day to day operation
Pre-list, Post-list, Control total
Aim
Segregate task
Break down into several steps
Reduce error
Framework
Control Environment
Attitude of higher mgt
Control procedures
detailed control
Limitation
Collusion