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The internal control system basically relies on three principles. Which ones?

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Question ajoutée par Nadjib RABAHI , Freelancer , My own account
Date de publication: 2016/12/31
Kamal Bhandari
par Kamal Bhandari , Group Chief Financial Officer , Omzest Group of Companies

In my opinion the main ingredients for a successful internal control policy are :

1. Reporting & Variance / deviation analysis vis-a-vis  standards to identify problems and then resolve them. This is "Management by Exception" principle as seen from the prism of internal controls.

2. Any activity having significant effect on quality, costs, revenue should be routed through at least2 individuals for automatic checks and balances to avoid mistakes or frauds.

3. Periodic reviews by a set of individuals who are not directly responsible for the particular activity e.g. auditor, board committee, external consultants.

Tamer Elbeshbishy
par Tamer Elbeshbishy , Financial and Administration Manager , Muscat Towers Holding Group

I agree with my colleagues

Ahmed mohsen
par Ahmed mohsen , Senior Accountant , Main Poly Clinic

  • Establish Responsibilities
  • Maintain Records
  • Insure Assets by Bonding Key Employees

CA Bilal Station Wala
par CA Bilal Station Wala , Associate Auditor , Varawala and Arif Chartered Accountants

1. Clear definition of objectives, policy and job profile.

2. Establishing controls at significant processing points through clear cut understanding of accountability and responsibility among staff members.

3. Segregtion of duties and properly documenting organisational structure

Ashraf E. Mahmoud (PhD)
par Ashraf E. Mahmoud (PhD) , University Lecturer, Freelancer Consultant and Trainer for Int'l Business & Banking TF. , FreeLancer

Thanks for invitation,

It depends on :

1- Information and communications.

2- Authorities and responsibilities.

3- Authenticity. 

Asad Zaman Khan Khan
par Asad Zaman Khan Khan , Audit Supervisor , PKF International

Three basic principles on which internal control relies are 1- Maintaining record 2- Segregation of duties

3- Establishing responsibilities.

Soliman Abd  ALmalak Gendy
par Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

They're *Require management to set procedurs in place to ensure company assets are safeguarded. * Maintain records *Establish responsibility *Perfect information

dr Mohamed Abou
par dr Mohamed Abou , مدير مالي , الشركة المصريه لنقل الكهرباء - وزارة الكهرباء والطاقه

1- it will be suitable with volume of company's and covered total activity of the company's 2- It will depend on a perfect information and communication 3- It will be have a suitable standards to prevent mistakes

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