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What is the difference in a) Internal Check b) Internal Control c)Varification of Assets

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Question added by Malik Khalid Mahmood , Regional Finance Manager , Leosons International FZ LLC
Date Posted: 2014/11/05
Khaled Mohee Eldeen Abbas Mahmoud
by Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed

internal check: A division of duties that does not permit one individual to carry out all stages of a transaction. An internal check is intended to prevent fraud and minimize errors.     

internal control: Systematicmeasures (such as reviews, checks and balances, methods and procedures) instituted by an organization to (1) conduct its business in an orderly and efficient manner, (2) safeguard its assets and resources, (3) deter and detect errors, fraud, and theft, (4) ensure accuracy and completeness of its accountingdata, (5) produce reliable and timely financial and managementinformation, and (6) ensure adherence to its policies and plans.   

verification of assets: Process conducted by auditors to confirm that a company's assets actually exist.

 

Deleted user
by Deleted user

agreed with mr georgei

i didin't as well

Srinivasa Rao Tripuramallu
by Srinivasa Rao Tripuramallu , Manager Commercial , National Ajman Petroleum Company LLC

Internal check pertaining to finance & material part before payment or ownership. Internal control starts after ownership.

georgei assi
by georgei assi , مدير حسابات , المجموعة السورية

I did not understand the question

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

A very good explanation provided by Mr. Khalid Mohy Eldin. I support the answer.

Malik Khalid Mahmood
by Malik Khalid Mahmood , Regional Finance Manager , Leosons International FZ LLC

Well Done by mr. khalid

FITAH MOHAMED
by FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

AGREE WITH MR KHALD  ANSWER  

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