Internal check system & characteristics of good internal check system | Auditing video - 2 |

What is Internal Check?
In the opinion of Spicer and Pegler, “A system of internal check is an arrangement of staff duties, whereby no one person is allowed to carry through and to record every aspect of a transaction so that without collusion between two or more persons, fraud is activated and at the same time the possibilities of errors are reduced to the minimum.”

L.R. Dicksee defines an internal check as “an arrangement of book-keeping routine that errors and frauds are likely to be prevented or discovered by the very operation of the book-keeping itself.”

Internal check means a continuous internal audit carried on by the staff, using which other staff members independently check each individual’s work


#audit #auditing #auditingstandards #accountancy #bcom #bcomhonours #bcomexam #icai #icai_students_group #icaistudents #icaistudymaterial #icaimay2022exam #icaiimportantupdates #icaiexamupdate #shortsvideo #teaching #audit-teacher #indiancontractact1872