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Internal Controls

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Internal Controls

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Ken Garrett.
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  • February 23, 2018 at 8:59 am #438543
    savbandhal
    Participant
    • Topics: 5
    • Replies: 5
    • ☆

    What is meant by internal control objectives and procedures?

    February 23, 2018 at 9:32 am #438548
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    An IC objective is what you want the IC to achieve. For example, you do not want unnecessary goods to be ordered. The IC procedure is how you could achieve the objective. For example, orders have to be authorised or in an automated system, orders are placed only when inventory levels fall to a pre-set reorder level.

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