Internal Control



Revision notes/ quick bytes

Paper I, Part C: Accounting and Auditing: Internal Control

 

Internal Control:

Internal control comprises of the plan of the organisation and all the coordinate methods and measures adopted within a business to safeguard its measures adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data to promote operational efficiency and to encourage adherence to prescribed managerial policies.

 

Characteristics of Internal control:

CROSS-ASIA ( Mnemonics)

C  —–   Competent and trustworthy personnel

R   —–  Records, Financial and other organisation Plan

O —— Organisational Plans

S —– Segregation of duties

S —— Supervision

A —– Authorisation

S—- Sound Practice

I—- Internal Audit

A—- Arithmetic and Accounting Controls

 

Scope of Internal Control:

  1. Safeguard misappropriation
  2. Control over sale and purchase
  3. Financial control
  4. Deciding Employees’ remuneration
  5. Deciding capital expenditure and to keep a eye on it.
  6. To control inventory
  7. To control investment.

 

Objectives of internal control:

  • Safeguard its assets
  • Check the reliability of its accounting data
  • To promote operational efficiency
  • To encourage adherence to prescribed managerial policies.

 

 

Expected questions:

  1. What is Internal control?( 2 marker/5 marker)
  2. Scope of Internal Control.
  3. Features of Internal control
  4. Objectives of Internal control.

 


Our APPSC Notes Courses

PDF Notes for Prelims Exam

Printed Notes for Prelims Exam

Mock Test Series for Prelims Exam

PDF Notes for Mains Exam

Printed Notes for Mains Exam

Mock Test Series for Mains Exam

Daily Mains Answer Writing Program

JKPSC Mains Exam

JKPSC Prelims Exam

Admit Card

Syllabus & Exam Pattern

Previous Year Papers

Eligibility Criteria

Results

Answer Key

Cut Off

Recommended Books

Exam Analysis

Posts under APPSC

Score Card

Apply Online

Selection Process

Exam Dates

Exam Highlights

Notifications

Vacancies

Exam Pattern

Prelims Syllabus

Mains Syllabus

Study Notes

Application Form

Expected Cut-Off

Salary & Benefits

Mock Tests

Preparation Tips

Study Plan

Jammu & Kashmir Administrative Service (JKAS)

Jammu & Kashmir Police Service (JKPS)

Jammu & Kashmir Accounts Service (JKAS - Accounts)

Jammu & Kashmir Civil Service (Judicial)

Medical Officer (Allopathy)

Veterinary Assistant Surgeon

Assistant Engineer (Civil)

Assistant Engineer (Mechanical)

Assistant Engineer (Electrical)

Assistant Conservator of Forest (ACF)

Range Officer (Wildlife)

Range Officer (Territorial)

Range Officer (Soil Conservation)

Assistant Director (Statistics)

Statistical Officer

Assistant Professor (Various Subjects)

Lecturer (School Education)

Assistant Engineer (Accounts)

Executive Engineer (Accounts)

Excise and Taxation Officer

Excise and Taxation Inspector

Excise and Taxation Sub-Inspector

Revenue Service (Executive)

KAS Probationers

Subordinate Accounts Course (SAC-I)

Subordinate Accounts Course (SAC-II)

Accounts Clerk Course (ACC)

IAS Probationers

Labour Inspector/Officer

Junior Statistical Assistant Course

Statistical Assistant Course

error: Content is protected !!