IMPLEMENTING AND AUDITING THE INTERNAL CONTROL SYSTEM (H/C)

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 CONTRO