Hi ppl,
Can you help me by giving sample questions for evaluating the internal control of a company? I have to prepare a questionnaire with 10 questions evaluating the key matters of internal control.. Pls help me out.. Its urgent
regards,
jaya
4 Replies
Abhishek
(SERVICE)
(91 Points)
Replied 04 April 2008
pls mention the specific area regarding which u require.
(Guest)
I have an idea of trading co. hopefully u will find it suitable for u.
to check the internal control:
--Chek the authorisation level
-Chek the division of resposbility as per volume of work.
-Cash department should be seperate from Accounts department.
-Each payment and voucher should be counter checked by senior officer before making payment.
-Inter advice notice system should be folllow to incorporate the interdivision transaction.
-Physical verification should be at regular intervals.
-Board meetings/EGM etc required to be conbducted whenever found necessary.
-Interim report should be prepared at regular intervals.
-Inter change of work between employees.
-
CA. Atindra A. Prabhu Bhatikar
(practising CA)
(68 Points)
Replied 08 April 2008
Internal control of any entity cannot be evaluated in 10 ques. Internal control is to be evaluated area wise ie purchase, sales, debtors, creditors etc. Refer to the Internal Control ques released by the Institute for sample ques.
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