Page 153 - SBL Integrated Workbook STUDENT 2018

Chapter 13

Management internal control systems

and reporting

Outcome

By the end of this session you should be able to:

 define and explain internal management control

 evaluate the key components or features of effective internal control systems

 evaluate the qualities and characteristics of information required in internal
control and risk management and monitoring.

 assess the need for adequate information flows to management for the
purposes of the management of internal control and risk

 evaluate the effectiveness and potential weaknesses of internal control
systems.

 discuss and advise on the importance of sound internal control and compliance
with legal and regulatory requirements and the consequences to an
organisation of poor control and noncompliance.

 recommend new internal control systems or changes to the components of
existing systems to help prevent fraud, error or waste

 justify the need for reports on internal controls to shareholders

 discuss the typical contents of a report on internal control and audit

 assess how internal controls underpin and provide information for reliable
financial reporting.

and answer questions relating to these areas.

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