ACCA AA Syllabus A. Audit Framework And Regulation - Internal Controls & Risk Management - Notes ^{5 / 7}

Internal controls help:

1. Safeguard the assets of the company

2. Prevent and detect fraud

3. Safeguard the investment of the shareholders

They are designed to minimise the risk of fraud and error

and will include such procedures as:

• Carrying out regular reconciliations on key ledgers

• Keeping assets under lock and key

• Passwords and computer system security