March 28, 2005
Internal control is an important governance area for
proper financial reporting.
Controls relate to each and every activity and individual
in an organisation.
Like Total Quality Management, Total Control Management
is a necessity in this century.
Internal and external evaluations quarterly are required
before financial statements are released to the press and outsiders.
For improved financial reporting to stakeholders ,
cash accounting, accrual accounting, contingency accounting, commitment accounting controls have to be integrated through internal accounting policies and procedures covering all items of expense, income, asset,
liability.