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ACCOUNTING SYSTEM AND CONTROL. ACT 2112 GROUP 8. ACCOUNTING SYSTEM AND CONTROL. Why we need control Types of problems that can occur Safeguards designed to minimise problems (internal control) Control in accounting Need for monitoring What is auditing. Why we need control?.

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Accounting system and control

ACCOUNTING SYSTEM AND CONTROL

ACT 2112

GROUP 8

ACT 2112 - Sherliza Puat Nelson


Accounting system and control1
ACCOUNTING SYSTEM AND CONTROL

  • Why we need control

  • Types of problems that can occur

  • Safeguards designed to minimise problems (internal control)

  • Control in accounting

  • Need for monitoring

  • What is auditing

ACT 2112 - Sherliza Puat Nelson


Why we need control
Why we need control?

  • Financial statements might be manipulated.

  • Fraudulent activities.

  • Misrepresentation of financial statements.

ACT 2112 - Sherliza Puat Nelson


Types of problems that occur
Types of problems that occur

  • Error – in recording transactions.

  • Disagreement – different judgments, estimates.

  • Fraud – financial statement, record keeping.

ACT 2112 - Sherliza Puat Nelson


Internal control structure
Internal Control Structure

  • To provide accurate accounting records.

  • Safeguards assets and records.

  • Effectively and efficiently run the organisation.

  • Management policies.

ACT 2112 - Sherliza Puat Nelson


Control in accounting
Control in Accounting

  • Validity

  • Authorisation

  • Completeness

  • Classification

  • Timeliness

  • Valuation

  • Posting and summarisation

ACT 2112 - Sherliza Puat Nelson


The need for monitoring
The need for monitoring

  • A system of internal control provides assurance as to the quality of the financial information.

  • Management has the opportunity to influence the outputs of the accounting process

ACT 2112 - Sherliza Puat Nelson


Auditing
Auditing

  • Definition:

    • An examination and verification of a company’s financial and accounting records and supporting document

ACT 2112 - Sherliza Puat Nelson


Auditing1
Auditing

  • Types

    • Financial statements audit

    • Compliance audit

    • Operational audit

    • Forensic audit

ACT 2112 - Sherliza Puat Nelson


Role of auditors
Role of Auditors

  • Internal auditors

    • Operational and compliance audit.

  • External auditors

    • Financial statements audit.

ACT 2112 - Sherliza Puat Nelson


Government audit
Government Audit

  • Auditor General responsible for auditing all the Federal and State accounts. Also the public authorities and statutory bodies.

ACT 2112 - Sherliza Puat Nelson


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