SBL
NOTICE: Special Offer!

Buy the Premium package NOW (incl. Online classroom + Revision course) and we will extend your subscription until 12th December 2020!

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

F1acde. Objectives of Internal Control

General objectives of internal control

  • To ensure the orderly and efficient conduct of business in respect of systems being in place and fully implemented.

  • To safeguard the assets of the business. Assets include tangibles and intangibles

  • To prevent and detect fraud

  • To ensure the c ompleteness and a ccuracy of accounting records.

  • To ensure the t imely preparation of financial information

Internal controls can be at the strategic or operational level.

  • At the strategic level, controls are aimed at ensuring that the organisation ‘does the right things’;

  • at the operational level, controls are aimed at ensuring that the organisation ‘does things right’.