Internal Controls And Internal Control Essay

1612 Words7 Pages
Internal controls
What are internal controls?
Internal controls are controls that compromise of practices, policies and procedures employed by an organization to provide reasonable assurance that organization business objectives will be achieved.
COSO defines an internal control as a process, affected by an entity 's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
1. Effectiveness and efficiency of operations.
2. Reliability of financial reporting.
3. Compliance with applicable laws and regulations.
Core banking internal controls
As an external auditor employed by the International bank of Africa I will have to conduct an unbiased audit of the whole ERP system that the organisation runs its core banking activities. In this case the Temenos T24 Information system.
The internal controls will consist of the following:
• Security Management: these controls will ensure that the core banking activities and processes are secure. This means we will conduct a periodic assessment of the risks that the system may undergo, provide training to staff members on all the latest security issues that they could face during their use of the system, and run a test of the various policies and procedures put in place by the bank.
• Access controls: The mainly focus on restricting unauthorised access to the banks information system and its resources. For this to be fully implemented

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