Internal control
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Understanding Internal Control Systems: Key Insights and Applications
Definition and Objectives of Internal Control Systems
Internal Control System refers to the policies and procedures adopted by an organization's management to achieve several key objectives. These include ensuring the orderly and efficient conduct of business, adherence to management policies, safeguarding of assets, prevention and detection of fraud and error, accuracy and completeness of accounting records, and the timely preparation of reliable financial information1 2. These systems are crucial for maintaining the integrity and efficiency of an organization's operations.
Theoretical Framework and Methodological Approaches
The theoretical framework of internal control highlights its role in enhancing production efficiency and competitiveness. This framework is based on a comprehensive approach that includes organizational and methodological control methods. The systematization of theoretical bases allows for the development of robust internal controls tailored to an entity's specific needs. Legislative recognition of internal control can unify approaches and methodologies, facilitating a better understanding of its purpose and objectives3.
Institutional Work and Internal Control
Research on internal control through the lens of institutional work reveals a divided understanding of the concept. Some literature focuses on internal control over financial reporting, while others adopt a more global and strategic perspective. Internal control is institutionalized by various organizational actors at the micro level, aiming to implement systems that add value beyond mere compliance. However, the literature indicates that not all categories of institutional work are represented, suggesting limitations due to institutional embeddedness4.
Internal Control in Accounting and Regulatory Contexts
The relevance of internal control in accounting research is underscored by regulatory developments, particularly in the US, which mandate internal control reporting by management and auditors. Studies have explored the determinants of internal control quality and its economic consequences for stakeholders, including investors, creditors, managers, auditors, and financial analysts. The research highlights mixed evidence and identifies new directions for future studies, especially in non-US contexts and unregulated settings6.
Internal Control in Computer Environments
The integration of internal control in computer environments brings both benefits and risks. Information technologies enhance the efficiency and effectiveness of internal controls but also introduce new challenges. The development of internal control systems in a computerized setting has elevated their complexity, necessitating ongoing research to address emerging questions and opportunities7.
Multiperspective Representation of Internal Controls
A multiperspective representation of internal controls aims to centralize and streamline the various control mechanisms within an organization. This approach addresses inefficiencies and duplication by considering different stakeholder perspectives and employing analytical methods like the AHP (analytical hierarchical process) sensitivity analysis. Such frameworks can provide a comprehensive view of internal controls, enhancing their effectiveness and compliance9.
Conclusion
Internal control systems are vital for the efficient and secure operation of organizations. They encompass a wide range of policies and procedures designed to safeguard assets, ensure accurate financial reporting, and prevent fraud. Theoretical and methodological advancements, along with regulatory frameworks, continue to shape the development and implementation of these systems. As technology evolves, so too must the approaches to internal control, ensuring they remain robust and effective in a dynamic business environment.
Sources and full results
Most relevant research papers on this topic
Internal control.
Internal control systems are designed to ensure orderly and efficient business conduct, asset protection, fraud prevention, and accurate and complete accounting records, while preparing reliable financial information.
Internal Control
Internal control system is a set of policies and procedures that help ensure orderly and efficient business conduct, asset protection, fraud prevention, accounting accuracy, and timely financial information.
Theoretical Framework of Internal Control
This paper systematizes the theoretical basis of internal control, enabling a comprehensive approach to creating internal controls at entities, increasing production efficiency and competitiveness.
Internal control through the lens of institutional work: a systematic literature review
Internal control is divided into financial reporting and strategic aspects, and is institutionalized by various organizational actors to provide added value for corporate governance.
Systematic ReviewThe Internal Control Index: A Newly Developed Measure of Locus of Control
The Internal Control Index (ICI) is a reliable and valid new measure of locus of control in adults, improving upon previous instruments with a strong principal component and convergent validity.
Observational Study
Highly CitedInternal control in accounting research: A review
Internal control quality has significant economic consequences for stakeholders, but evidence remains mixed on its impact and new research opportunities exist.
Literature ReviewHighly CitedINTERNAL CONTROL AND COMPUTER ENVIRONMENT
Internal control in a computer environment offers both advantages and disadvantages, with new opportunities and problems emerging as the system advances.
Internal control and controlling
Internal control and controlling aims to develop students' personal qualities, general cultural and professional competencies, and provide knowledge for organizing control work and analyzing the effectiveness of management decisions in financial and economic activities.
MULTIPERSPECTIVE REPRESENTATION OF INTERNAL CONTROLS IN BUSINESS PROCESSES
A multiperspective framework for representing internal controls can provide a comprehensive view of all control mechanisms and stakeholders' perspectives, reducing inefficiencies and duplication in business processes.
Literature ReviewInternal Controls
This policy outlines the objectives and principles of campus internal controls, establishes department managers' responsibilities for implementing controls, and establishes Audit and Management Services as the campus unit responsible for reviewing the adequacy of departmental internal controls.
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