Auditing Evaluation - Assignment

Added on - 29 Apr 2020

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Running head: AUDITING EVALUATION`Auditing EvaluationStudent’s Name:University Name:Author Note
1AUDITING EVALUATIONTable of ContentsIntroduction................................................................................................................................2Literature Review.......................................................................................................................2Internal Control – Concept and Components.........................................................................2Benefits of implementing Internal Control............................................................................3Internal Controls – an aid to the external auditors.................................................................5Limitations of Internal control...............................................................................................6Conclusion..................................................................................................................................7References..................................................................................................................................8
2AUDITING EVALUATIONIntroductionThis particular study focuses upon the concept of internal control persisting in anorganization. Internal control essentially refers to the set of controls that have beenestablished in an organization in order to enable the organization to achieve its objectives interms of efficiency and effectiveness pertaining to the operations of the business. Internalcontrols review and recheck the quality of financial reporting and also make sure whetherthey comply with the laid down policies and regulations. In more simple terms any controlthat is implemented in the organization in order to mitigate risk falls under the purview ofinternal controls.In this particular study the importance of implementing internal controls in anorganization and how the implemented controls have helped the organization in achieving thecompany goals have been discussed.Literature ReviewInternal Control – Concept and ComponentsInternal control refers to the control that has been established inside an organization inorder to strengthen its operational activities and improve the quality of regular day to dayproceedings of business. An internal control in general acts as a catalyst that is it improves orinfluences the already implemented positive policies or regulations of an organization. Forinstance a successful implementation of internal control lies in segregation of duties.Segregation of duties in an organization is very important. For example a particular employeewho is responsible for receiving cash from customers should not also be delegated with thetask of recording them in the books. A different employee steps in for handling such aresponsibility and therefore it is at this point that the internal control of segregation of duties
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