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Chapter 4. Internal Control, Internal Ch... > 4.6. Distinction Between Internal Ch...

4.6 DISTINCTION BETWEEN INTERNAL CHECK, INTERNAL AUDIT AND INTERNAL CONTROL

Internal check has been defined by the Institute of Chartered Accounts in England and Wales as the “checks on day-to-day transactions which operate continuously as part of the routine system whereby the work of one person is proved independently or complementary to the work of another, the object being the prevention or earlier detection of error or fraud”. The internal check in accounting system implies the organisation of the system of bookkeeping and arrangement of staff duties in such a manner that no one person can completely carry through a transaction and record every aspect thereof.

Internal audit has been defined by the Institute of Internal Auditors in the United States recently as an “independent, objective assurance and consulting activity designed to add value and improve an organisations operations. It helps an organisation accomplish its objectives by bringing a systematic disciplined approach to evaluate and improve the effectiveness of risk management, control and governance process”.


  

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