Explain about the Internal controls of benchmarking

 

"Comprises control environment and control procedures. It includes all the procedures (internal controls) and policies adopted by the management of an entity to help in achieving management's objective of ensuring, as far as practicable, including adherence to management policies orderly and efficient conduct of its business safeguarding of assets prevention and detection of error and fraud accuracy and completeness of the accounting records and Timely preparation of reliable information. Internal controls may be incorporated within computerised accounting systems. Though internal control system extends beyond those matters which relate directly to accounting system."

 

Posted Date: 9/3/2013 2:24:08 AM | Location : United States

Ask an Expert

Related Discussions:- Explain about the internal controls of benchmarking, Assignment Help, Ask Question on Explain about the internal controls of benchmarking, Get Answer, Expert's Help, Explain about the internal controls of benchmarking Discussions

Write discussion on Explain about the internal controls of benchmarking
Your posts are moderated

Write your message here..

Related Questions

Hedge against this foreign currency exposure, Question: Part A: Just... Question: Part A: Justify and criticize the usual assumption made in Financial Management literature that the objective of a firm is to maximize the wealth of its sharehol

Operating cycle, discuss the applicability of operating cycle in poultry in... discuss the applicability of operating cycle in poultry industry[consider broilers]

What happens when a bank charges discount interest on a loan, What happens ... What happens when a bank charges discount interest on a loan? While a bank charges discount interest on a loan the required interest payment is subtracted from the loan carries o

Evaluate net present value of machine, Kenneth Su Gold Corp (KSGC) is consi... Kenneth Su Gold Corp (KSGC) is considering the purchase of a new piece of machinery. The new machinery would cost $80,000. You are given the following facts: The new machine

Define primary reserves of a bank, What are a bank's primary reserves? When... What are a bank's primary reserves? When the Fed sets reserve requirements, what is its primary goal? Vault cash and deposits in the bank's account at the Fed are employed to s

Audit systems, Enron did not manages its trade account receivable in signif... Enron did not manages its trade account receivable in significant manner that made huge financial loss for the organizations. Hence, the management faced biggest fraud due to the f

Discuss the option of dividend reinvestment plans, Discuss the option of di... Discuss the option of dividend reinvestment plans

Leveraged buyouts, Leveraged Buyouts (LBOs) A leveraged buyout is a fin... Leveraged Buyouts (LBOs) A leveraged buyout is a financing technique where debt is used to purchase the stock of a corporation and it frequently involves taking a public compan

Explain why accounting profits and cash flows are different, Explain why ac... Explain why accounting profits and cash flows are not the same thing. Ans: Stock value relies on future cash flows, their timing, and their riskiness.  Profit calculations do n

Explain the importance of supplier appraisal, QUESTION (a) List the fiv... QUESTION (a) List the five elements of the purchasing mix. (b) Describe briefly the four essential elements of a legally binding contract. (c) Distinguish between perform