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From the PublisherHe gives useful advice for any company looking to set up an internal control system or improve an existing one.
-Strategic Finance, Bernard Boona
Dimitris N. Chorafas defines both auditing and internal control, and explains the value of internal control, why it must be audited, and how it can be most effectively achieved. He addresses top management's accountability for internal control and uses case studies to demonstrate the application of such systems, as well as the importance of sound analysis of the information gathered. Based on an extensive research project in the UK, US, and continental Europe, this book is an invaluable source of practical advice for implementing internal control systems and making existing systems more efficient.
Part I: Why Internal Control Systems Must Be Audited
• The Role of Auditing in an Organization
• What is meant by Internal Control?
• Internal Control and the Globalization of Financial Markets
• New Standards for Auditing Internal Control and the Use of Risk-based Audits
• A Methodology for Auditing the Internal Control System
• Part II: Management Appraisal of and Accountability For The Internal Control System
• Senior Management Responsibilities with Internal Control
• Internal Control Implementation Must Focus on Core Functions
• Establishing an Efficient Internal Control Structure
• Part III: Case Studies on the Implementation of Internal Control
• Applying Internal Control to Our Institution's Limits System
• Auditing Counterparty Limits and Trading Limits
• An Internal Control System for Engineering Design, Product Development and Quality Assurance
• Services Provided by Information Technology to the Auditing of Internal Control
• The Contribution of External Auditors to the Internal Control System