In the Toshiba company there have various issue related to the internal control and misleading information. According to the observation the investigation committee observe that according to the division of duties rules of Toshiba the corporate audit division is in charge of auditing the corporate division the companies, branch companies and affiliated companies.
In following five internal control challenges are some of the most common found in the organisation-
As per the above discussion it has been ascertained that there are various issues which have faced by the Toshiba company in order to maintain and manage the internal control for financial reporting. In order to overcome this issues from the company, various strategies are to be followed which are as follows-
As per the above discussion it has been ascertained that in order to maintain the internal control system company haver to effectively monitor its business activity and function related to financing and accounting. Further more, Toshiba should effectively monitor the activities of the financial department so as it can properly implement the internal control action.Management personnels should have high integrity and ethical value and be committed to integrity performing key internal control procedure.
Internal control can be defined as a systematic accounting and auditing process through which reliable financial information can be managed and controlled in order to attain specific objective in the business enterprise. Effective control assists in reducing the risk of asset’s loss and helps in ensuring that plan information is complete and accurate as well as financial statements are reliable. From this project it has been concluded that Company should develop its internal management system through which it can reduce the challenges regarding internal control system. It should hire more talented and skilled accountant employees so as they can contributes their best participation in the maintaining and updating the financial information.
Books and journals
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