Get the free IMPACT OF INTERNAL CONTROL SYSTEM ON PROFIT PERFORMANCE - unn edu

IMPACT OF INTERNAL CONTROL SYSTEM ON PROFIT PERFORMANCE OF COMMERCIAL BANKS (A CASE STUDY OF ORIENT BANK OF NIGERIA PLC AND UNITED BANK FOR AFRICA PLC) BY EZE PRISCILLA NAZI REG.NO. PG/MBA/91/11382)

How to fill out impact of internal control

How to Fill Out Impact of Internal Control:

1. Start by gathering all relevant information about the internal control measures in place within your organization. This may include policies, procedures, and documentation related to financial reporting, information technology, human resources, and operational processes.
2. Evaluate the effectiveness of each internal control measure based on its design and implementation. Consider whether the control adequately addresses the associated risks and if it is operating as intended. Use this evaluation to identify any weaknesses or areas for improvement.
3. Assess the impact of internal control on your organization's objectives and goals. Determine how the controls contribute to ensuring the accuracy of financial statements, safeguarding assets, and promoting compliance with laws and regulations. Consider both the positive and negative impacts of each control.
4. Document the findings of your assessment in a clear and concise manner. Use a standardized template or format to ensure consistency and facilitate understanding by others. Include the details of each internal control measure, its effectiveness rating, and the impact it has on the organization.
5. Share the completed impact of internal control assessment with relevant stakeholders, such as management, board members, and auditors. This information is crucial for decision-making, risk management, and ensuring accountability within the organization.

Who Needs Impact of Internal Control:

1. Organizations of all sizes and industries can benefit from conducting an impact of internal control assessment. This includes both for-profit and nonprofit entities, as well as government agencies and financial institutions.
2. Senior management and executives have a vested interest in understanding the impact of internal control on their organization. They need this information to make informed decisions, allocate resources effectively, and mitigate potential risks.
3. Board members and audit committees play a critical role in overseeing the internal control environment. They rely on the impact of internal control assessment to fulfill their governance responsibilities and ensure the organization's compliance with relevant laws and regulations.
4. External auditors often rely on the impact of internal control assessment to gain assurance over the financial statements. They use this information to assess the reliability and accuracy of the internal control framework and identify any deficiencies that may hinder their audit procedures.

In summary, filling out the impact of internal control requires a thorough evaluation of each control measure and its impact on the organization. This information is valuable for decision-making, risk management, and ensuring accountability within the organization. Various stakeholders, including management, board members, auditors, and regulatory bodies, need access to this assessment to fulfill their respective roles and responsibilities.

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What is impact of internal control?

Internal control impacts the effectiveness and efficiency of an organization's operations, reliability of financial reporting, and compliance with laws and regulations.

Who is required to file impact of internal control?

The management of the organization is responsible for assessing and reporting on the impact of internal control.

How to fill out impact of internal control?

The impact of internal control can be filled out by conducting a thorough assessment of the organization's operations and financial reporting processes.

What is the purpose of impact of internal control?

The purpose of the impact of internal control assessment is to provide stakeholders with assurance that the organization's internal controls are effective and reliable.

What information must be reported on impact of internal control?

The impact of internal control report must include a description of the organization's internal control framework, an assessment of the effectiveness of internal controls, and any identified weaknesses or deficiencies.