INTERNAL CHECK

PRESENTED BY :-SUSHMA PARAB 231ALEENA PEREIRA 232SNEHA PILLAI 233

DEFINATION:-• INSTITUTE OF CHARTERED

ACCOUNTANT OF ENGLAND & WALES

• GUIDANCE NOTES OF ICAI

OBJECTIVES

• ERROR & FRAUD • MISAPPROPRIATION• DUTIES & RESPONSIBILITIES• ACCURATE RECORDING • REDUCED WORK LOAD

ADVANTAGES

• DIVISION OF WORK• DETECTION OF ERRORS• MINIMIZATION OF ERRORS• MORAL INFLUENCE• EFFICIENCY & ECONOMY• PROFITABILITY• FINAL ACCOUNTS• CONVINCE

DISADVANTAGES

• QUALITY OF WORK• COMPLACENCY OF

MANAGEMENT• EXPENSIVE• CONFUSION• CHANCE OF COLLUSION

AUDITOR’S DUTIES

• ESTABLISHMENT OF INTERNAL CHECK SYSTEM

• RELIABILITY ON THE SYSTEM OF INTERNAL CHECK

• EVALUATION

CASE STUDY