Question

Accounting is closely associated with control". Explain the statement and discuss the role of accounting feedback in the process of control. What do you understand by Internal Audit? How do the functions of an internal auditor differ from that of External Auditor?

26 Apr 2023
Answer :
Word Count : 1221

The statement "accounting is closely associated with control" means that accounting plays a vital role in controlling the financial affairs of an organization. Accounting provides financial information that is used by managers to make informed decisions and to control the operations of the organization. The financial information provided by accounting is used to control resources, assess performance, and make strategic decisions.

The role of accounting feedback in the process of control is to provide timely and accurate financial information to managers. Accounting feedback helps managers to make informed decisions and to control the operations of the organization. The feedback provided by accounting includes financial statements, budgets, and performance reports. These reports help managers to track the financial performance of the organization, identify areas of weakness, and take corrective action.

Internal Audit refers to an independent and objective evaluation of an organization's internal controls and financial systems. It is conducted by an internal auditor who is a member of the organization's staff. The internal auditor provides assurance to the organization's management that its internal controls and financial systems are operating effectively and efficiently.

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