CoolInterview.com - World's Largest Collection of Interview Questions & Answers, FAQs, queries, sample papers, exam papers, dumps, what, why, how, where, when questions
Interview Success Kit - Get Success in Job Interviews Interview Success Kit - 30,000 Interview Que. & Ans.
Covers 30,000+ Interview Questions asked in actual MNC Interviews - all with model answers.
Get Your Dream Job Now - www.vyoms.com
Sponsored Links
Interview Questions
Our Services

INTERVIEW QUESTIONS AUDIT DETAILS
Question :
What are the basic principles of an internal audit controlsystem?
Category Audit Interview Questions
Rating (3.0) By 8 users
Added on 9/11/2014
Views 188
Rate it!
Answers:

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.



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



Posted by: mathapelo

Contact mathapelo Contact mathapelo

If you have the better answer, then send it to us. We will display your answer after the approval.
Rules to Post Answers in CoolInterview.com:-

  • There should not be any Spelling Mistakes.
  • There should not be any Gramatical Errors.
  • Answers must not contain any bad words.
  • Answers should not be the repeat of same answer, already approved.
  • Answer should be complete in itself.
  • Name :*
    Email Id :*
    Answer :*
    Verification Code Code Image - Please contact webmaster if you have problems seeing this image code Not readable? Load New Code
    Process Verification Enter the above shown code: *
    Inform me about updated answers to this question

    Related Questions
    View Answer
    Whats are the importance of evaluating an internal audit department?
    View Answer
    What are the importance of internal audit to the organization?
    View Answer
    How does the internal audit differ from an external audit?
    View Answer
    Explain the difference between internal audit and statutory audit?
    View Answer
    What are the different advantages and disadvantages of internal audit?
    View Answer
    Tell me that how I can evaluate the internal control audit?
    View Answer
    Explain how to do an internal audit effectively?
    View Answer
    How can scope of internal audit help you?
    View Answer
    What Does An Internal Audit Charter Contain?
    View Answer
    What Is An Internal Audit And What Is The Role Of Internal Audit?
    View Answer
    Explain Different Functions Of Internal Audit?
    View Answer
    What are the Essential Of Internal Audit?
    View Answer
    What are Objectives Of Internal Audit?
    View Answer
    How Does An Internal Audit Differ From An External Audit?
    View Answer
    Explain The Difference Between Internal Audit And External Audit?
    View Answer
    How to involve people in audit?
    View Answer
    What to do after the audit?
    View Answer
    What techniques used during an audit?
    View Answer
    What is The Statutory Audit mean?
    What are its details and procedure?
    View Answer
    What is statutory audit?
    View Answer

    Please Note: We keep on updating better answers to this site. In case you are looking for Jobs, Pls Click Here Vyoms.com - Best Freshers & Experienced Jobs Website.

    View ALL Audit Interview Questions & Answers

    User Options
    Latest 20 Questions
    What do you mean by product complement?
    What are the Components of Financial Market?
    What is rebate?
    What are the functions of Financial Market?
    What are contests?
    What are sweepstakes?
    State the methods of sales promotion.
    What do you mean by sales promotion?
    What are the moral qualities of a good salesman?
    what are the social qualities of a good salesman?
    What are the mental and psychological qualities of a good salesman.
    What are the physical qualities of a good salesman?
    State the difference between advertising and promotion.
    State the features of personal selling.
    What are the essentials of advertisement copy?
    What is advertisement copy?
    What are the merits and demerits of advertising?
    What are the objectives of advertising?
    Explain the elements of promotion mix.
    What is promotion?



    Fresher Jobs | Experienced Jobs | Government Jobs | Walkin Jobs | Company Profiles | Interview Questions | Placement Papers | Companies In India | Consultants In India | Colleges In India | Exams In India | Latest Results | Notifications In India | Call Centers In India | Training Institutes In India | Job Communities In India | Courses In India | Jobs by Keyskills | Jobs by Functional Areas

    Testing Articles | Testing Books | Testing Certifications | Testing FAQs | Testing Downloads | Testing Interview Questions | Testing Jobs | Testing Training Institutes

    Gate Articles | Gate Books | Gate Colleges | Gate Downloads | Gate Faqs | Gate Jobs | Gate News | Gate Sample Papers | Gate Training Institutes

    MBA Articles | MBA Books | MBA Case Studies | MBA Business Schools | MBA Current Affairs | MBA Downloads | MBA Events | MBA Notifications | MBA FAQs | MBA Jobs
    MBA Job Consultants | MBA News | MBA Results | MBA Courses | MBA Sample Papers | MBA Interview Questions | MBA Training Institutes

    GRE Articles | GRE Books | GRE Colleges | GRE Downloads | GRE Events | GRE FAQs | GRE News | GRE Training Institutes | GRE Sample Papers

    IAS Articles | IAS Books | IAS Current Affairs | IAS Downloads | IAS Events | IAS FAQs | IAS News | IAS Notifications | IAS UPSC Jobs | IAS Previous Question Papers
    IAS Results | IAS Sample Papers | IAS Interview Questions | IAS Training Institutes | IAS Toppers Interview

    SAP Articles | SAP Books | SAP Certifications | SAP Companies | SAP Study Materials | SAP Events | SAP FAQs | SAP Jobs | SAP Job Consultants
    SAP Links | SAP News | SAP Sample Papers | SAP Interview Questions | SAP Training Institutes |




    Copyright ©2003-2016 CoolInterview.com, All Rights Reserved.
    Privacy Policy | Terms and Conditions



    Cache = 0.015625 Seconds