BUSINESS 11 Lecture Notes - Lecture 1: Internal Audit, Internal Control, Financial Statement
Document Summary
So far, the available systems in the context of auditing are: accounting system. This is the series of tasks and records of an entity by which transactions are processed as a means of maintaining financial records. The accounting system identifies, assembles, analyses, calculates, classifies, records, summaries and reports transactions and other events purposely to enable for the preparations and presentations of the true and fair view of financial statements. An accounting system can be (i) manual accounting system. These have been in use since the 1960"s to replace the manual system due to their efficiency, mini, main frame and micro computers were used: internal control system. This indicates the whole system of controls employed by the management in the conduct of the business, it includes internal check, internal audit and other forms of control. An ics will entail the following: financial controls. The financial controls are the controls instituted in respect to. The cash collection and payments by the entity.