The following are some of the controls in a Manual and Computerized Accounting System:
Controls In Manual Accounting System |
· Independent reconciliation of external data like using bank statement to reconcile to the company’s bank account or using external supplier statement of account to reconcile with our individual creditor account; · Using Control or Total Account · Review of the Trial Balance to ensure debit = credit |
Controls in Computerized Accounting System |
· Proper transaction authorization. Input control needs to be instituted like input data needs to be verified for accuracy and completeness by a person different from the one who is keying in the data; · Besides the above input control, there should be processing and output controls to ensure integrity of the transaction data is intact; · No unauthorized access to computer files, data, etc. All kept under lock and key and proper log is maintain; · Uses of password control to access data; · Pl refer to ieauditblog.com for more details in internal controls |
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