Implementing and Auditing the Internal Control System

ISBN-13: 9780333929360 / Angielski / Twarda / 2001 / 365 str.

Dimitris N. Chorofas; Dr Dimitris N. Chorafas

Opis

With globalisation, 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 organisations. In Implementing and Auditing the Internal Control System, Dimitris N. 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. He addresses top management's accountability for internal control, and uses case studies to demonstrate the application of such systems, and the importance of sound and well-informed analysis of the information gathered. Internal control systems are examined within the context of the globalization of financial markets, under the impact of the growth of information technology, and from the viewpoint of new regulations by supervisory authorities in Group of Ten countries as well as by the Basle Committee on Banking Supervision. Based on an extensive research project in the UK, US, Germany, France, Austria, Switzerland and Sweden, this book is an invaluable source of practical advice for implementing internal control systems, and making existing systems more efficient. It provides managers and professionals with guidelines for the interpretation and use of the resulting internal control intelligence.

Recenzje

'He gives useful advice for any company looking to set up an internal control system or improve an existing one.' - Bernard Boona, Strategic Finance

Spis treści

PART I: WHY INTERNAL CONTROL SYSTEMS MUST BE AUDITED The Role of Auditing in an Organization What is meant by Internal Control? Internal Control and the Globalization of Financial Markets New Standards for Auditing Internal Control and the Use of Risk-based Audits A Methodology for Auditing the Internal Control System PART II: MANAGEMENT APPRAISAL OF AND ACCOUNTABILITY FOR THE INTERNAL CONTROL SYSTEM Senior Management Responsibilities with Internal Control Internal Control Implementation Must Focus on Core Functions Establishing an Efficient Internal Control Structure PART III: CASE STUDIES ON THE IMPLEMENTATION OF INTERNAL CONTROL Applying Internal Control to Our Institution's Limits System Auditing Counterparty Limits and Trading Limits An Internal Control System for Engineering Design, Product Development and Quality Assurance Services Provided by Information Technology to the Auditing of Internal Control The Contribution of External Auditors to the Internal Control System

O autorze

Dimitris N. Chorafas served on the faculty of the Catholic University of America and as Visiting Professor at Washington State University, George Washington University, University of Vermont, University of Florida, and Georgia Institute of Technology in the United States, as well as the University of Alberta, Technical University of Karlsruhe, Ecole d'Etudes Industrielles de l'Université de Genève, Ecole Polytechnic Fédérale de Lausanne, Polish Academy of Sciences and Russian Academy of Sciences. More than 8,000 banking, industrial and government executives participated in his seminars in the United States, England, Germany, Italy, other European countries, Asia and Latin America. Chorafas is the author of 160 books, translated into several languages world-wide.