Sally Fitzgibbons Foundation

Beginning the Academic Essay

An internal control system comprises of the policies and procedures that are designed to assist an organisation meet it’s business objective and to ensure the risk that could prevent it meeting it’s objects are mitigated. Internal control is the ongoing checks to ensure smooth efficient and effective running of the entity is achieved through the control of risk. The primary objectives of a Internal Control System is CAVAS, being:
The internal auditing system is the physical checks performed to ensure these policies and procedures within the control system are effective and implemented. An internal audit is conducted at a specific time on a regular basis. From an accounting perspective, the auditors objective is to give assurance to management that account balances and transactions are free of misstatement, ommitions, errors and fraud.

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