internal check
TRANSCRIPT
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INTERNAL CHECK
PRESENTED BY :-SUSHMA PARAB 231ALEENA PEREIRA 232SNEHA PILLAI 233
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DEFINATION:-• INSTITUTE OF CHARTERED
ACCOUNTANT OF ENGLAND & WALES
• GUIDANCE NOTES OF ICAI
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OBJECTIVES
• ERROR & FRAUD • MISAPPROPRIATION• DUTIES & RESPONSIBILITIES• ACCURATE RECORDING • REDUCED WORK LOAD
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ADVANTAGES
• DIVISION OF WORK• DETECTION OF ERRORS• MINIMIZATION OF ERRORS• MORAL INFLUENCE• EFFICIENCY & ECONOMY• PROFITABILITY• FINAL ACCOUNTS• CONVINCE
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DISADVANTAGES
• QUALITY OF WORK• COMPLACENCY OF
MANAGEMENT• EXPENSIVE• CONFUSION• CHANCE OF COLLUSION
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AUDITOR’S DUTIES
• ESTABLISHMENT OF INTERNAL CHECK SYSTEM
• RELIABILITY ON THE SYSTEM OF INTERNAL CHECK
• EVALUATION
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CASE STUDY
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