© 2001

Implementing and Auditing the Internal Control System

  • Authors

Table of contents

  1. Front Matter
    Pages i-xxiii
  2. Why Internal Control Systems Must be Audited

    1. Front Matter
      Pages 1-1
    2. Dimitris N. Chorafas
      Pages 3-27
    3. Dimitris N. Chorafas
      Pages 28-53
    4. Dimitris N. Chorafas
      Pages 105-129
  3. Management Appraisal of and Accountability for the Internal Control System

    1. Front Matter
      Pages 131-131
    2. Dimitris N. Chorafas
      Pages 133-158
    3. Dimitris N. Chorafas
      Pages 185-209
  4. Case Studies on the Implementation of Internal Control

  5. Back Matter
    Pages 337-365

About this book


With globalisation, deregulation and the advent of derivatives, credit institutions and the treasury operations of manufacturing, merchandising and service companies are finding that their traditional tools for management control no longer suffice. They must develop more efficient processes able to measure and monitor their risks in real-time. Internal control is a dynamic system covering all types of risk, addressing fraud, assuring transparency and making possible reliable financial reporting within such organisations. In Implementing and Auditing the Internal Control System , Dimitris N. Chorafas defines both auditing and internal control, and explains the value of internal control, why it must be audited, and how it can be most effectively achieved. He addresses top management's accountability for internal control, and uses case studies to demonstrate the application of such systems, and the importance of sound and well-informed analysis of the information gathered. Internal control systems are examined within the context of the globalization of financial markets, under the impact of the growth of information technology, and from the viewpoint of new regulations by supervisory authorities in Group of Ten countries as well as by the Basle Committee on Banking Supervision. Based on an extensive research project in the UK, US, Germany, France, Austria, Switzerland and Sweden, this book is an invaluable source of practical advice for implementing internal control systems, and making existing systems more efficient. It provides managers and professionals with guidelines for the interpretation and use of the resulting internal control intelligence.


financial markets growth Information Technology (IT) management management control organization service

About the authors

Dimitris N. Chorafas served on the faculty of the Catholic University of America and as Visiting Professor at Washington State University, George Washington University, University of Vermont, University of Florida, and Georgia Institute of Technology in the United States, as well as the University of Alberta, Technical University of Karlsruhe, Ecole d'Etudes Industrielles de l'Université de Genève, Ecole Polytechnic Fédérale de Lausanne, Polish Academy of Sciences and Russian Academy of Sciences. More than 8,000 banking, industrial and government executives participated in his seminars in the United States, England, Germany, Italy, other European countries, Asia and Latin America. Chorafas is the author of 160 books, translated into several languages world-wide.

Bibliographic information

Industry Sectors
Finance, Business & Banking


'He gives useful advice for any company looking to set up an internal control system or improve an existing one.' - Bernard Boona, Strategic Finance