Page 4 - PowerPoint Presentation

GENERAL PRINCILES OF AUDITING

Internal Control

• Definition (ISA 315 par A44): A process –

combination of systems, policies and procedures

designed, implemented and maintained to address

the risks of running a business.

• Responsibility of everyone in the business

• Addressing risks associated with the following;

• Safeguarding of assets

• Prevention of fraud

• Complying with laws and regulations

• Quality financial reporting (such as AFS)

• Effective and efficient operation of the business

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