Internal

Internal control plays an increasingly significant role in firms and many other organizations. Businesspeople, especially managers, pay more attention to internal control and its relationship with management (Krishnan, 2005). They tend to discover how internal control affects the operation of the companies. Although managers of some companies have doubts on the value of internal control, it directly helps managers to make open and effective management of the companies when designing, undertaking

b) The definition offered by the Charity Commission (CC), states that IC Internal financial controls are essential checks and procedures that help charity trustees to: i) meet their legal duties to safeguard the charity’s assets, ii) administer the charity’s finances and assets in a way that identifies and manages risk, and iii) ensure the quality of financial reporting, by keeping adequate accounting records and preparing timely and relevant financial information. The above definitions are relevant

Internal Controls XACC 280 Crystal Riley Sanford September 10, 2010 Instructor Glenn Dakin Internal Controls Internal controls are the measures a company takes to do accomplish two primary goals; protect their assets from employee theft, robbery and unauthorized use. Internal controls are also used to increase accuracy of company financial information, reducing the risk of errors (accidental) and irregularities (intentional) (Weygandt, 2009). Sarbanes-Oxley Act of 2002 The Sarbanes-Oxley

Introduction This report aims to investigate the role Internal Auditors (IA) plays in certain aspects of corporate governance. The report also aims to investigate what is considered as good corporate governance. “Corporate governance is the system by which companies are directed and controlled. It deals largely with the relationship between the constituent parts of a company - the directors, the board (and its sub-committees) and the shareholders” (Berr, 2008) Corporate governance is necessary

Internal controls can be taken as any action taken by an organization to help enhance the likelihood that the objectives of the organization will be achieved. Every corporate body has a policy to maintain an effective internal control mechanism relating to its financial statements and financial reporting processes, internal and financial reporting principles, policies and systems, independent auditor qualification and independence, internal audit function and independent auditors ' performance, compliance

CONTENTS 1. EXECUTIVE SUMMARY 2. INTRODUCTION     Literature Review Global Oil & Gas Industry Overview Indian Oil & Gas Industry Overview Company Overview (ONGC) 2 4 6 6 20 23 24 26 28 38 39 40 41 3. INTERNAL CONTROL & INTERNAL AUDIT  Internal Control  Internal Audit  Standards on Internal Audit 4. PROJECT PROFILE  Objectives  Research Methodology 5. LEARNINGS & OBSERVATIONS  Learnings        Audit Scope & Coverage Organisation Structure of IA Department Audit planning & process Audit

ACC621 Midterm review Internal auditing is an independent objective assurance and consulting acitivity designed to add value and improve an organizations operations. Adding value is provided by improving opportunities to achieve organizational objectives identifying operational improvement reducing risk through exposure through both assurance and consulting. Auditing has its key components - accomplish objectives -evaluate and improve effectiveness of risk management -assurance and consulting

For a business to limit fraud capabilities, it is important to have a strong set of internal control. “Internal control is the organizational plan and all the related measures designed to . . . safeguard assets, encourage employees to follow company policies, promote operational efficiency and ensure accurate reliable accounting records” (Miller-Nobels, Mattison, & Matsumura, 2016). When establishing internal control, it is important to remember the necessary components: control procedures, risk

INDEX 1. Role of Internal Audit 1 2. Introduction and Purpose of this Strategy 1 3. Acknowledgements 1 4. Audit Approach 2 5. Audit Working Procedures and Practices 3 The Audit Toolbox 3 Audit Reporting 5 6. Internal Audit Assistance in UWCN Risk Management 5 7. Fee-Earning Work 5 8. Links To Institute of Internal Auditors (IIA) and Other Bodies 6 9. Staffing 6 10. Operational Plan 2001/02 7 11. Strategic Plan 2002/05 10 12. Annex A – Key Risks 21 13. Annex B - Audit Universe 29 14

Case Study 2 – Internal Control 1. Inform the president of any new internal control requirements if the company decides to go public Each of the five components of an internal control system is important. Let us focus on the control activities. These activities are the backbone of the company’s efforts to address the risks it faces, such as fraud. The specific control activities used by a company will vary depending on management’s assessments of the risks faced. The six principles of control