Internal control: In accounting and auditing we can define the internal control is process of an organization assuring and achieving the goals more efficiently and also operational effectiveness which are reliable to financial reporting and internal control and is also compliance with laws rules and regulations and policies. There are seven internal control procedures in accounting which are as follows: 1-reconciliations 2-trail balances 3-approval authorities 4-searation of duties 5-accsess
INTERNAL AUDIT CONTROLS AND ECOLOGY Dongyeon Koo American University of Kuwait Abstract Internal audit is a crucial assurance activity to evaluate and improve the effectiveness and efficiency of a firm’s operations and management system. Since corporate activities have impact on the society overall, fulfilling social responsibilities including responsibilities for the ecology. Environmental management is believed to have considerable impact on the effectiveness and efficiency of the corporate
A concept of corporate governance has become a major importance in the world, where we note the economic growth in the global economic arena, in which private companies play a large and influential role, and given the increasing role of private sector companies in the economy, it must be monitored and assess this role and the need to follow up the performance of these companies, And achieve their performance to the best possible level. Corporate governance is rapidly evolving among the world's leading
(HKEX) also has launched on 2005, required all listed company at least to review a internal control system for a annual , corporate governance has became important element for the development countries . Corporate governance is a system of rules. Corporate governance structure is essentially involves balancing the interest of corporate stakeholders,
The evolution of internal auditing has been a very dynamic one. It has been affected by the increasing focus for its role in corporate governance, especially because of its links with internal control. Internal auditors had to extend their area of actions, becoming more involved in control and governance processes. In the light of these changes, new concept began to become the bull’s eye for an auditor which includes the added value by internal audit to organizations and its effectiveness. In order
late-mover advantages and to minimize late-mover disadvantages. First-mover advantages are: (Thompson, Strickland, 2003: 193) 1) owning the positive image and reputation of being a pioneer 2) reduction of total costs through control of new technology, and supply and distribution channels 3) the creation of a base of loyal customers, 4) having the ability to
Biology 91604 3 credits Purpose and components of the homeostatic control system and definition of homeostasis with relation to human temperature regulation. Homeostasis is the ‘ability of the body or a cell to seek and maintain a condition of equilibrium or stability within its internal environment when dealing with external changes’ - biology online. This means homeostasis, in terms of human body temperature regulation is the body's ability to maintain a constant stable survivable temperature
towards continuous improvement of the end product. Quality also contributes to superior performance in the marketplace and delivers more revenue to the organization and the ability of the organization to obtain higher margins. Inspection is required to control defects and ensure the taste of the product is consistent. There is no innovation in this regard. In TQM, quality is defined as products and services that go beyond the present needs and expectations of customers. Innovation is required for improving
located in Hyderabad was done, by being a part of the Internal auditing team, under the guidance of one of the partners of the firm i.e. Mr. Suresh Kumar Gupta. ‘Internal Auditing’ is one of the many services that SMA offers apart from a range of services in the field of finance, taxation and corporate advisory. This report has been divided into many sub segments explaining the different processes and terminologies related to the field of Internal
plans and internal controls to performance measurements and corporate disclosure. Corporate governance is a broad term which goes beyond referring to only ethical standards that must adhered to in an organization, but also include procedures, processes, links and responsibilities and accountabilities by which corporations are controlled and administered. Corporate governance means a system of management that is simplified and it is consistency to the objectives of the company. Importance of Corporate