Internal Control and Auditing

Overview

The organisation needs to have a smooth flow of accounting as it plays a very important role in the development of the organisation. Financial Managers or any person who deals with Accounts need to see that the company accounts are very updated and are free from any risks that can become a problem during the time of Auditing.

To successfully manage risk, it is very important to understand the term “audit” and how it is being accessed whether it is being performed in terms of Internal Audit or External Auditing. It is important because Internal Audit and External Audit assess in different ways and have very different outlines and workflows.

Internal control refers to the processes, policies, and procedures implemented by management to achieve organizational objectives, safeguard assets, and ensure accuracy and reliability in financial reporting. Effective internal control systems help organizations achieve operational efficiency, prevent fraud and errors, and comply with regulatory requirements.

Throughout this course, participants will explore key principles, methodologies, and best practices in internal control and auditing. Emphasis is placed on understanding the components of internal control, including control activities, risk assessment, control environment, information and communication, and monitoring activities.