Exercising self-control

Article Abstract:

Control self-assessment (CSA) is a system which allows members of line management to take responsibility for the construction, evaluation, maintenance and supervision of organizational controls. A broad-ranging self-assessment system would usually have four basic elements: the scope of the self-assessment exercise as expressed through compliance, financial and operational objectives; documentation of processes and controls already being used to tackle the objectives set out in the scope of the self-assessment; analysis of risks that could hinder the attainment of objectives; and evaluation of existing processes and controls and their comparison with best practice in other organizations. CSA is fast-becoming a buzzword in many audit committee meetings since it has proven to be an effective tool for improving the control culture of an organization.

Line and staff organization, Controllers (Persons), Controllers (Accounting)

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In control of the treasury function

Article Abstract:

The audit committee has an important role to play in ensuring the effectiveness of controls over treasury operations. It is responsible for understanding, assessing and monitoring the organization's control environment. While it is the job of the board of directors to establish guidelines and policy governing the treasury function, the audit committee should take responsibility for understanding the details of these guidelines and to see to it that these are followed. Failure to oversee the detail will place the company at risk. The audit committee can implement a number of measures to tighten control of treasuring operations. These include creating a culture of control, developing skills needed to fulfill its responsibilities, maximizing the effectiveness of committee meetings and ensuring that all risks are addressed.

Finance departments, Audit committees, Controllership

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Two's company

Article Abstract:

Joint audit helps promote audit quality, which can be defined as confidence in the audit function, the reliability and usefulness of corporate, and so on. In addition, joint audits can cut costs and increase competition in the field, thus increasing innovation, client service and overall quality.

Management dynamics, Accountants, Company business management

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