Register now or log in to join your professional community.
Accounting control
Internal control: The organizational plan and all the methods adopted by the institution to protect its assets, accuracy of accounting data and the degree of dependence on them and improve the efficiency of production and encourage compliance with the management policies prescribed.
Internal examination: is to ensure the accuracy of the measurement of the processes recorded, analyzed and tabulated and aims to strengthen the role of internal control of the institution
Internal control: (Anticipating Reasonable assurance) (Implemented by Management)
Any action taken by the Management, Board to Manage risk and increase the likelihood that established objectives & goals will be achieved.
Internal Check: (Asserting Reasonable assurance)(Evaluated by Internal Auditors or any other party engaged by Management/board)
Any action taken by the Management, Board to Monitor the adequacy, efficiency & effectiveness of the controls already in place.
The internal control are mitigating actions that are implemented by the company to manage risks. The internal check is a way to monitor and evaluate whether the company's internal control is effective.
Internal control and internal check works simultaneously to successfully manage all the possible risks the organization faces. The difference is that the internal control are mitigating actions that are implemented by the company to manage risks. While internal check is a way to monitor and evaluate whether the company's internal control is effective.
Internal control is total of actions taken to achieve overal objective of the organisation
Internal check is continues activities of checking ones activity another automatically
