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Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.
The main responsibilities of an accountant are as follows :
1.Preparation & presentations of timely accurate financial/accounting reports to management
2.Identification of areas of inefficiency & wastage's of resources in industries
3.Treasury functions: Accountant also plays the role of treasury functions in such a way that they raise finance, cash management etc
4.Setting up effective system of internal & accounting controls
5.Preparation of feasibility reports: These reports assist management in assessing the viability/profitability or otherwise of proposed capital expenditure such as opening of a new factory or branch
6.Investigation of the performance/operations of competing business organizations to assist management in policy formulation
7.Investigation of frauds within the organization: Accountant plays the role of investigation of frauds within the organization
8.Accountant assists the organization to avoid-rather than evade tax by using his knowledge of the tax laws
Internal Controls are the rules and regulations to run the business to avoid the fraud.It can be implemented by defining proper rules with in the organisation.The major responsibilities of accountant are as follows:
Bookkeeping of all the business transactions in systematic manner and provide accounting reports for decision making.
