![]() Turnbull’s explanation focuses on the positive role that internal control has to play in an organisation. ![]() ![]() This includes safeguarding of assets and ensuring that liabilities are identified and managed.Įnsure the quality of internal and external reporting, which in turn requires the maintenance of proper records and processes that generate a flow of timely, relevant and reliable information from both internal and external sources.Įnsure compliance with applicable laws and regulations and also with internal policies.’ ‘The policies, processes, tasks, behaviours and other aspects of an organisation that taken together:įacilitate effective operation by enabling it to respond in an appropriate manner to significant business, operational, financial, compliance and other risks to achieve its objectives. The Turnbull Report, first published in 1999, defined internal control and its scope as follows: Definition and purposes of internal control The article will also describe the roles of internal audit and internal audit testing, relevant to section C2(e) and (f) of the study guide. The article will focus on the following learning objectives, as set out in section C6 of the study guide:Ī) Explain internal control and internal checkī) Explain the importance of internal financial controls in an organisationĬ) Describe the responsibilities of management for internal financial control. The purpose of this article is to provide an overview of internal control, with particular emphasis on topics relevant to Part C of the BT/FBT syllabus. An introduction to professional insights.Virtual classroom support for learning partners. ![]()
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