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Standard Internal Control Procedures For the Internal Control System in a Typical Business Entity

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As a good way of introduction, internal control system can be defined as the whole system of control, policies and procedures, financial or otherwise; established by the management of an entity in order to achieve and accomplish the following objectives:

• Orderly and efficient conduct of the business activities and managerial operations.

• Safeguarding and protecting the assets of the company against damages and losses.

• Prevention as well as the detection of frauds and errors in the system.

• Ensuring accuracy, completeness and reliability of all the accounting records being kept.

To this end, we can go forward to say that internal control and compliance staffs are like watchdogs, trackers and detectives designated by the management to guard against every forms of undesirable practices going on within the four walls of the company. They must possess the eagle's eyes and not only that, they are also strictly bound to approach their assignments with open mind free from bias and prejudice. Their mindset should be such that they are always focused on auditing and investigating the system and not merely the human elements within.

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[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

With full respect to the job description, the internal control and compliance staffs have the following duties to discharge in any organization where they are operating:

• Measurement of the adequacy and effectiveness of the internal control system of the entity continuously and on a routine basis too.

• Constant and routine checks on daily basis to ensure that frauds and errors are prevented, detected and eliminated from the system.

• Provision of timely advice to the management on issues and matters relating to internal control.

• Investigation and the institution of due finding processes on reported cases of malpractices and malfunctions as well.

• Provision of tenders of statistical data for the management in order to permit informed decision making process to keep on flowing smoothly for the good of the organization.

• Carrying out other special tasks and functions as may be assigned to them from time to time. Such duties of care includes maintenance of the fixed assets register, implementing staff audit schemes and training new accountants in a bid to equip them with a better knowledge of the system.

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About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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