Internal Control

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GRADE 12 - Internal Control

GRADE 11 - Internal Control

GRADE 10 - Internal Control

  • Understanding the role of professional bodies, e.g. South African Institute of Chartered accountants (SAICA) and South African Institute of Professional Accountants (SAIPA)
  • Discussion of disciplinary and punitive measures that are applied for non-compliance with the Code of Professional Conduct
  • Understanding the policies governing ethical behaviour in the financial environment, viz. King Code III
  • Understanding the legislation governing companies:
    • Basic principles in Companies Act, i.e. directors’ performance evaluation, remuneration policies, dispute resolution, business rescue, conflict of interests, responsibilities of directors

This topic should be consolidated, having been integrated with other topics

Demonstration of the knowledge of internal audit processes:

  • definition and explanation of what is meant by an internal audit
  • knowledge of the difference between internal control and an internal audit, the role of the internal auditor, division of duties, documentation and physical controls
  • identification of internal audit procedures relating to:
    • handling of cash
    • buying and selling on credit
    • stock
    • debtors
    • creditors.

This topic should be integrated with other topics.

Definition and explanation of what is meant by internal control

Identification and explanation of basic internal control processes:

  • Control environment;
  • risk assessment;
  • control activity supported by policy and procedures;
  • information system and communication methods and
  • monitoring performance.

Internal control should be integrated with other topics.

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