Page 6 - Audit Day 3 - Class Slides

What is internal control

• ISA 315, par 4, stipulates that internal controls is

• the process designed, implemented and

maintained

• by those charged with governance, management

and other personnel

• to provide reasonable assurance about the

achievement of an entity’s objectives with regard

to

• reliability of financial reporting;

• effectiveness and efficiency of operations; and

• compliance with applicable laws and regulations.