ABSTRACT
This chapter explains how to perform internal control of the company. It describes the role of financial manager and chief accountant. The responsibility of the financial manager is: to appoint an internal control team which shall include the chief accountant; to review the internal control report and initiate actions to resolve; to instruct further investigation, if necessary; and to bring fraudulent activities to the attention of the CEO. Training and supervision of staff and clearly defining their roles and responsibilities. The training programme should ensure that they can perform their tasks efficiently and effectively. The staffing levels and circumstances of each cost centre shall be considered when segregation of duties is contemplated. These guidelines are recommended: separation of financial functions, separation of the authorisation of transactions from the custody of related assets, separation of operating duties from financial record-keeping, separation of custody of assets from maintenance of associated accounting records, and existence of adequate and complete documentation and records.
