Short Answer Monitoring Internal Controls Activities

Internal Controls
Name of Student
Institution Affiliation
Monitoring Internal Controls Activities
Appropriate implementation of the monitoring activities by the BISD administration should help identify available early problems in the internal controls and fix any them on time. Some of the monitoring activities include:
* Preparing accurate books of accounts and financial statements in a timely manner. The preparation should be done by qualified accountants taking in to account all the financial activities of the institution. Quarterly financial statements should be audited by the internal editor to verify their accuracy. The administration should also involve external auditors (annually) to confirm the opinion of the internal auditors regarding the position of the financial statements. With qualified and accurate accounting, collection and spending of funds should be done according to the administration’s set policy.
* The BISD administration should also define roles appropriate for every employee of the institution. The Chief Ope...