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alternative summarised version of tests of controls middot segregation of duty staff records are separate from wages departmentmiddot documentation
state the factors of tests of controls tests of controls may includemiddot enquiriesand observationscorroborating internal control functions
state the examples of tests of controls check bank reconciliation has been reconciled as approved by chief accountant observe buyer checking the
determine about the systems based audit systems based audit is useful as it would help identify risks within the processes in an organisation and
what is the meaning of deviationsdeviations must be recorded and investigated regardless of the amount involved and then assess whether deviations
tests of controlor systems based auditingtests to obtain audit evidence about effective operation of the accounting and internal control systems it
nick leeson and baringsleeson was the trader who managed to bring about the collapse of barings bank in 1995 the main reason he was able to do this
what are the specefic control procedures of benchmarkingspecific control procedures must be in place which includeo organisational structure clear
explain about the internal controls of benchmarking comprises control environment and control procedures it includes all the procedures internal
what are the internal audits internal audit is seen as independent from management who are devising and implementing internal controls and must be
determine about the risk management systemsmanagement must report to board their review and implementation of internal controls and risk management
what are the drawbacks of benchmarking- benchmarking systems and programmes can be costly and time consuming- diversity and complexity of
explain the benefits of benchmarking- better understanding of business competition and customers- improves business performance and discourages
state a process for benchmarking1 gain senior management commitment to establish benchmarking as a process within the organisation and educate
explain the factors which company should applycompanies to be the very best must establish what competition is doing set the very best standards to
determine about the strategic benchmarkingcomparison in terms of an organisations strategic choices made to the most successful market leader for
explain the competitive benchmarkinghealthcare services or hospital are compared to rival competition in the same industry for instance methods of
best practice or functional benchmarkingcompare an internal function to the best however not necessarily an organisation in same industry for example
state about the internal benchmarkingcompare an internal function to the best internally within same organisation for example different methods of
what is benchmarkinga continuous systematic process for evaluating the products services and work processes of an organisation that are recognised as
explain the term- quality of decisionsperformance and business riskthis is focussed on quality of decisionsthe comparison of an organisations
explain the term- administration of decisionsconformance compliance and efficiencythis is focussed on the administration of decisionsprocesses and
the process of review and audit of internal control systemsthe board of directors are responsible for review and maintenance of internal controls
examine the examples of political risk within countries outbreak of national war unrest civil war or riot nationalisation of industriesfor example
country analysis and political riskcountry analysis could use tools for example pest factors in order to strategically analyse countriespolitical