It is incumbent upon the management of any organisation to make sure all the assets, liabilities and transactions are secure, complete and well cast. Failure to have this in place will result in uncalled loss of value, profitability and stakeholder trust.
This is achieved through deliberate deployment of internal control systems which are well structured, serviced and monitored.
An internal control system should be designed to meet a firm’s specific informational needs.
Thus, the system can range, from a simple manual system to complex computerized on-line system with remote terminals spread across the entire country.
Whether manual or computerised, an accounting system must process information efficiently, accurately, and on a timely basis.
At the heart of any well designed accounting system is a well thought out internal control system. One of the principal responsibilities of management is to protect the assets under its control, ensure the accuracy and reliability of its accounting records, and see that its policies are carried out.
This is obviously achieved through the institution of internal controls which are defined as “The plan of organization and all of the coordinate methods and measures adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency, and encourage adherence to prescribed policies.” A strong internal control system will contain both administrative and accounting controls.
We will tackle all these at the Institute Of Entrepreneurs Zimbabwe organised 4 day Internal Controls training program slated from the 4th to the 7th of April 2023
You can register now on +263719592232