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Internal Controls

What is the difference between Internal Controls and Internal Financial Controls? A standard ICAI question is that "An auditor should check if the internal controls in an organsiation are working correctly- Correct or Incorrect". The answer is he focusses on *Internal Financial Controls* and not on internal controls. Is it wrong therefore to say *Internal Controls* and not *Internal Financial Controls* when we are discussing auditing?


Suraj Narayanan

Suraj Narayanan

CA Inter

7K+

29-Oct-20 07:25

31

Answers (2)

Internal control - It can be operational, financial or management. Financial is purely related to financial accounts


Suraj Lakhotia

Suraj Lakhotia

Admin

29-Oct-20 10:06

In audit we talk about both internal control and financial controls.


Suraj Lakhotia

Suraj Lakhotia

Admin

29-Oct-20 10:06