Objectives in Conducting an Audit
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A. There are a number of objectives in conducting an audit. One of the most important involves determining whether the organization's overall internal control system and management controls are adequate, effective, and efficient. This is necessary to understand the reliability and adequacy of the accounting, financial, and reporting systems and procedures. The importance of internal control programs involves a number of interrelated factors. One is to determine the extent to which the organization's assets are safeguarded from losses, theft, embezzlement and misappropriation. An effective internal control procedure will help ensure the financial results reported by the organization are consistent with established objectives and goals, and that internal controls are adequate, effective, and efficient. B. The key to effective internal control techniques is finding ways to prevent problems rather than ways to identify them after the fact. One effective internal control technique involves assigning responsibility and accountability for control of specific assets to two or more employees. For example, the person responsible for posting payments received should not be the person who opens the mail and removes the checks received by the company. Similarly, the risk of misappropriation of funds may be reduced by using a lockbox system instead of directing customers to remit payment directly to the company. Another example of this process of assigning responsibility to differ
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Approximate Word count = 1030
Approximate Pages = 4 (250 words per page)
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