Implementing and Auditing the Internal Control System

Dimitris N. Chorafas served on the faculty of the Catholic University of America and as Visiting Professor at Washington State University, George Washington University, University of Vermont, University of Florida, and Georgia Institute of Technology in the United States, as well as the University of Alberta, Technical University of Karlsruhe, Ecole d'Etudes Industrielles de l'Université de Genève, Ecole Polytechnic Fédérale de Lausanne, Polish Academy of Sciences and Russian Academy of Sciences. More than 8,000 banking, industrial and government executives participated in his seminars in the United States, England, Germany, Italy, other European countries, Asia and Latin America. Chorafas is the author of 160 books, translated into several languages world-wide.

'He gives useful advice for any company looking to set up an internal control system or improve an existing one.' - Bernard Boona, Strategic Finance

• PART I: WHY INTERNAL CONTROL SYSTEMS MUST BE AUDITED The Role of Auditing in an Organization What is meant by Internal Control? Internal Control and the Globalization of Financial Markets New Standards for Auditing Internal Control and the Use of Risk-based Audits A Methodology for Auditing the Internal Control System PART II: MANAGEMENT APPRAISAL OF AND ACCOUNTABILITY FOR THE INTERNAL CONTROL SYSTEM Senior Management Responsibilities with Internal Control Internal Control Implementation Must Focus on Core Functions Establishing an Efficient Internal Control Structure PART III: CASE STUDIES ON THE IMPLEMENTATION OF INTERNAL CONTROL Applying Internal Control to Our Institution's Limits System Auditing Counterparty Limits and Trading Limits An Internal Control System for Engineering Design, Product Development and Quality Assurance Services Provided by Information Technology to the Auditing of Internal Control The Contribution of External Auditors to the Internal Control System