live soft skills

soft skills WHAT IS AN INTERNAL CONTROL SYSTEM? According to the Turnbull guidance in the UK Combined Code, control systems need to: ● Safeguard company assets ● Maintain the efficient running of the business ● Protect the accuracy of financial reporting information ● Protect the company from breaking laws and regulations There are several ways in which control can be achieved in an organisation: ● The use of contracts (e.g. with employees) to clarify roles and responsibilities ● A system of reward and discipline ● Feedback and feedforward ● A clear organisational and command structure It is generally accepted that a good Internal Control System is made up of 5 elements: ● A strong Control Environment ● Good Control Procedures ● Good Risk Assessment ● Good Information Systems ● Effective Monitoring (typically the role of internal auditors ) Control environment The control procedures are unlikely to be effective unless there is a strong control environment: ● Management Att...