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    The document compares and contrasts internal control systems and accounting systems. It provides definitions, discusses their nature and scope, and outlines their objectives. Specifically: 1) Internal control systems include rules and procedures to provide direction and adherence to policies, while accounting systems track financial transactions and generate reports. 2) Internal controls cover all aspects of an organization, while accounting systems focus on financial reporting. 3) The objectives of internal controls are to ensure accurate and proper business transactions, compare assets, and evaluate accounting systems. The objectives of accounting systems are to identify, record, and ascertain financial results.

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    The document compares and contrasts internal control systems and accounting systems. It provides definitions, discusses their nature and scope, and outlines their objectives. Specifically: 1) Internal control systems include rules and procedures to provide direction and adherence to policies, while accounting systems track financial transactions and generate reports. 2) Internal controls cover all aspects of an organization, while accounting systems focus on financial reporting. 3) The objectives of internal controls are to ensure accurate and proper business transactions, compare assets, and evaluate accounting systems. The objectives of accounting systems are to identify, record, and ascertain financial results.

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    © All Rights Reserved
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    19 views3 pages

    Acc Sys & Internat Control Sys

    Uploaded by

    sumbal malik
    The document compares and contrasts internal control systems and accounting systems. It provides definitions, discusses their nature and scope, and outlines their objectives. Specifically: 1) Internal control systems include rules and procedures to provide direction and adherence to policies, while accounting systems track financial transactions and generate reports. 2) Internal controls cover all aspects of an organization, while accounting systems focus on financial reporting. 3) The objectives of internal controls are to ensure accurate and proper business transactions, compare assets, and evaluate accounting systems. The objectives of accounting systems are to identify, record, and ascertain financial results.

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    UNIVERSITY OF CENTRAL PUNJAB

    FALL 2018

    ADVANCED AUDIT

    M.COM MORNING

    ASSIGNMENT-03
    SECTION: A
    SUBMITTED TO:
    PROF. IMRAN SHEHZAD

    SUBMITTED BY:
    Hafiza Sunbal Malik L1F18MCOM7047
    Submission Date: 12-april-2020
    INTERNAL CONTROL SYSTEM v/s ACCOUNTING SYSTEM

    INTERNALCONTROL SYSTEM ACCOUNTING SYSTEM

    Definition

    Internal controls system includes a set of An accounting system allows a business to


    rules, policies, and procedures an organization keep track of all types of financial
    implements to provide direction, increase transactions, including purchases (expenses),
    efficiency and strengthen adherence to sales (invoices and income), liabilities
    policies. (funding, accounts payable), etc. and is
    capable of generating comprehensive
    statistical reports that provide management or
    interested parties with a clear set of data to
    aid in the decision-making process.

    Nature

    Internal controls included each and every An accounting system is a part of Finance
    control of an organization say operational and Accounts function. This is mandatory
    control, financial control, legal, taxation etc for every company to give declaration in
    financial statement.

    Scope

    Internal Control includes all types of controls Accounting system is single pointed
    -administration, staff matters, transfers, -controlling finance, receipts, payments,
    discipline, and maintenance of machines, liquidity and economizing expenditure.
    security, payments, receipts and financial
    control.
     Make sequential and systematic  Identification and recording the
     To ensure that the business transactions transaction
    take place  Ascertainments of results
     compare the assets in the record with  Ascertainment of financial results
    that of the existing ones  Keeping accounts of cash
     To evaluate the system of accounting  Control over assets & liabilities
     To ensure there is the optimum  Providing economic data
    utilization of the firm’s resources,

    Objectives

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