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Ready for your accounting audit? Make sure your internal controls are effective!

by , 19 March 2013
While not bad overall, the South African Institute of Chartered Accountants (SAICA) says the Auditor General's recently released audit outcomes for national and provincial government show quite a few areas where effective internal controls are missing. If you re among the 86% of businesses who still prefer audits to an independent review, there's an easy way to make sure your own internal controls are effective...

The South African Institute of Chartered Accountants (SAICA) has just announced that it supports and endorses the Auditor General's 2011/2012 audit outcomes for national and provincial government. 
 
These were announced last week, and show that there are quite a few areas where more work is needed to be done, by both the Government and the public sector, in the move towards clean audits.
 
Key areas that need work? 
 
Effective internal controls to prevent, detect and correct non-compliance with legislation and mistakes in financial and performance reports.
 
And there's a strong chance your accounting records could be in a similar state.
 
Luckily, this is easy to rectify.
 
Don't wait for your next accounting audit – get everything in order by implementing tighter internal controls!
 
Just remember that traditional accounting controls on their might not be enough to ensure everything adds up in an audit, says The Practical Accounting Loose Leaf.
 
 So don't just scrutinise your accounts every month to detect patterns that shouldn't be there. 
 
You need to also communicate and enforce ethical values, and to assign responsibility and authority to employees responsible for your business accounting.
 
By making employees accountable for the severe consequences, you'll be more likely to keep them on an ethical accounting path and pass your next audit with flying colours.
 
Implement this accounting control today to make your next accounting audit a breeze!
 
That's why one of the easiest ways to eliminate mistakes in financial and performance reports is to make sure changes to the payroll system can only be processed by a designated, trusted, payroll manager, says the Practical Accounting Loose Leaf
 
It's the only way to ensure not only that the confidentiality of your employees' salary structure is kept, but you'll also know who's at fault if a mistake does show up in your payroll records, which will make it easier to rectify, says FSP Business.
 
Put these internal controls into place today and you should sail through your next accounting audit.
 


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