INTOSAI guidelines for internal control standards

 

 

General standards

  • Specific control objectives are to be set for each activity of the organisation, and are to be appropriate, comprehensive, and reasonable and integrated into the organisation’s overall objectives.
  • Managers and employees are to maintain a supportive attitude to the standards at all times, and are to have the integrity and sufficient competence to meet the standards.
  • The system provides reasonable assurance that the objectives of an internal control system will be met.
  • Managers are to monitor their operations continually and take prompt remedial action where necessary.

 

Detailed standards

  • Full documentation of all transactions and of the control system itself is to be provided.
  • Transactions and events should be promptly and properly recorded.
  • Execution of transactions and events should be properly authorised.
  • Key responsibilities at different stages of a transaction should be divided among individuals.
  • Competent supervision is to be provided to ensure that control objectives are being achieved.
  • Access to resources and records is to be limited to authorised individuals who are accountable for their custody or use.

 

Source:

 

INTOSAI (1992), Guidelines for Internal Control Standards for the Public Sector, INTOSAI General Secretariat, Vienna

 

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