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Control Systems:  Internal Control, Internal Audit and External Audit.

Internal control:  Refers to the methods and procedures used to provide reasonable assurance regarding the achievement of objectives in the following catagories:

  • the riability and validity of financial recording and reporting;
  • safeguarding assets;
  • compliance to policies, laws and regulations; and
  • promoting effectiveness and efficiency of operations.

Components of Internal Control

  • Control Environment
  • Risk Assessment
  • Control Activities
  • Communication/ Information
  • Monitoring

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