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