Video Library - Electronic Activation of Internal Control Systems
The importance of the documentary cycle
Automation of the documentary cycle helps to make the right decision at the right time
Control and automation of the departments of purchases and stores
Separating the procurement and warehouse departments leads to the loss of the company’s assets, and the greater the link between them, the greater the control over the company’s assets
Technological impact on systems
It is necessary to get rid of the traditional systems because they do not give the information that affects the decision-making in a timely manner and at the right cost
The tree of accounts and its relationship to the components of building systems
Building any sound financial system depends on a sound and developed tree of accounts
The meaning of the tree of accounts
The accounts related to the entity must be chosen without looking at other entities, with the possibility of adding in the future properly
Operating and control systems and their importance for any organization - Part I
Through operating and control systems, you can ensure that the workflow in your organization works in accordance with all accounting and auditing standards.
Mr Attia Hamdy, the person in ECPA responsible for activating the systems will discuss the following points:
General framework for control and operating systems
The importance of these systems for the audit
Technological impact on systems
Divide the levels of the chart of accounts
Separating and dividing the levels is very important to group similar accounts in the accounts tree
How to build a tree of accounts
To build a tree of accounts in accordance with the Egyptian accounting standards, it must be divided into main levels
Problems building a tree of accounts
Very important items that must be taken into account when building a chart of accounts
An overview of the chart of accounts
A full view of the chart of accounts form
The first level of the chart of accounts
Learn about the chart of accounts and the explanation of the first level
The role of the chart of accounts in building systems
A sound tree of accounts helps systems succeed
The second level of the chart of accounts
Error in linking levels leads to incorrect data with other levels
Discussion about the tree
Reducing problems with the tree is the secret of the success of the financial system
The fourth level of the accounts tree and how to link accounts to this level
Failure to link the account at the correct level leads to the appearance of the numbers in the levels of the tree of accounts incorrectly and not expressing the truth
Account currency as needed
You must specify the base currency and add an account in a different currency if needed
Coding Policy As It Should Be (Part I)
Coding Policy as It Should Be (Part II) A Practical Explanation of Coding
Dividing the problem into small parts helps in a quick and more accurate solution
Our accounting office seeks to prepare unique operational systems for many companies and projects. The application and control of these systems require many sub-processes to ensure the safety of their application and the achievement of the company’s objectives. To ensure the integrity of the operating systems, business owners resort to implementing the internal control process.
Operational systems are organised and interconnected procedures that go according to established standards to achieve specific goals.
We have always been distinguished by providing comprehensive operating systems that include all aspects of financial, administrative, operational and supervisory work. We have pledged to give the best types of operational systems and professional internal control services.
The internal control system is the set of policies and methods followed within the work under the direction of the company’s board of directors. It aims to control and protect the company’s funds, ensure the accuracy and integrity of the information provided by the accounting system, and ensure that internationally recognised rules and principles conduct all operations.
Internal control also aims to improve the company’s performance and productivity rates and raise efficiency by giving realistic data on the company’s financial and economic status.
Internal control reports are more reliable for company owners and investors in controlling their money and stores. Still, internal control is not a simple process, as it has many characteristics that a chartered accountant must consider to ensure the control results’ validity.
For example, the internal controller answers various questions related to the work: Does the company implement job separation? Are the records trusted by the company and represent its real accounts? Is the company committed to applying the organisational structure of jobs? The integrity of the internal audit system is also taken into account.
Many types of internal control can be applied; for example, the internal control system can be chosen according to the objective for which it was used.
The internal control for protection and prevention aims at evaluating employee performance rates, raising their productive efficiency, and determining the responsibility of each employee in the company.
Revealing internal control aims to discover any errors or defects in the accounts and to ensure the integrity of trial balances, financial statements, and others.
Error-correcting internal control discovers the causes of problems and ways to solve them and avoids any future problems. There is also administrative control and accounting control for tight internal control.
During the recent period, companies have used digital transformation to develop their operating and internal control systems. Companies have used various accounting software, which saved a lot of time, effort and money.
This software provided multiple tools to increase productivity and improve the exploitation of the company’s various resources, such as the professional “Capital ERP” programs.
You can now apply a professional operating or internal control system to your company by requesting the services of an experienced accounting office in the accounting, auditing and control field.
“Egyptian Certified Public Accountants” is the first and most vital choice among the accounting, auditing and tax pioneers in Egypt and the Middle East. We have enough experience to provide the best-operating systems and tight control services.
Operating and control systems - Part Two - The impact of modern technology on systems
Did technology and its advancement affect the institutions’ systems negatively or positively?! After the technological progress in the current era, it has become difficult to continue to use the old or traditional systems in this video.
Mr Attia Hamdy, the person responsible for activating the systems answers this question