Question: Question 2 (a) Internal control systems include a set of rules, policies and procedures an organization implements to provide direction, increase efficiency and strengthen adherence

Question 2 (a) Internal control systems include a set of rules, policies and procedures an organization implements to provide direction, increase efficiency and strengthen adherence to policies. It is generally accepted that a good Internal Control System is made up of 5 elements. Required: As an Auditor of UPSA Ltd, write a report to the Chairman of the Management Committee, which report should detail: (i) Discussion of the elements of internal control system 5 Marks (ii) Explanation of the following methods used in testing the accuracy of financial statements: Test of controls Substantive Testing

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