Implementing and Auditing the Internal Control System

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. With globalization, deregulation and the advent of derivatives, credit institutions and the treasury operations of manufacturing, merchandising and service companies are finding that their traditional tools for management control no longer suffice. They must develop more efficient processes able to measure and monitor their risks in real time. Internal control is a dynamic system covering all types of risk, addressing fraud, assuring transparency and making possible reliable financial reporting within such organizations. In this book, Dimitris N. Chorafas defines both auditing and internal control, explaining the value of internal control, why it must be audited and how this can be most effectively achieved. Internal control systems are examined from within the context of the globalization of financial markets, under the impact of the growth of information technology.