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Question :

What are the basic principles of an internal audit controlsystem?

Category Audit Interview Questions
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Added on 9/11/2014
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Source: CoolInterview.com

The basic principles of financial internal control are explained below:Financial and accounting operations must be separated that is the handling of cash and the recording of the movement thereof should be done by different persons. Responsibility for the performance of the job must be clearly stated so that there may be no room for doubt or confusion subsequently.

Too much confidence should not be pinned in one individual. Nearly all frauds have been committed by trusted officials or employees. It is interesting to note that frauds have occurred owing to their being trusted. Relation principle relating to transfer of an employee from one job to another should be the inflexible guiding rule. This is an effective safeguard against collusion and is recognized as an important canon of sound organization.

Mechanization of the work wherever feasible and practicable should be resorted to, mechanical devices such as cash register, recording time clocks, calculation machines should be introduced. A system of control accounts should elegantly be fitted in the book keeping system.

The work should be so arranged that work done by one employee should be properly checked by independent employee. Such continuous and constant checking goods moral control and the errors and the frauds cannot go undetected.
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Source: CoolInterview.com

THE PURPOSE OF THE INTERNAL CONTROL SYSTEM IS TO HAVE A SYSTEM THAT SEPARATES THE FUNCTIONS OF INITIATION RECORDING AND AUTHORISATION OF TRANSACTIONS.
Source: CoolInterview.com



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