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Syllabus F. Organisational Control And Audit F1. Management And Internal Control Systems

F1b. Internal Controls & Risk Management

Internal controls cannot eliminate risk, but they can minimise it.

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