Examples of using Internal control system in English and their translations into Serbian
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Improve the internal control system.
Insurers should estimate their vulnerability to fraud risk and organize, implement anddevelop an efficient and effective internal control system.
Without the existence of a internal control system in today's conditions of business operations, managing a company would be unthinkable.
(4) Have built up sophisticated internal control system;
Information and Communication Public funds beneficiary institutions make reports for both the internal andthe external use that are an integral part of the internal control system.
Furthermore, the internal control system should also be focused on raising public awareness of the fact that insurance fraud is an indirect fraud against other policyholders.
Review the clients' accounting system and internal control system;
Internal control system has been continuously improved and monitored through quarterly meetings and as part of the annual evaluation of internal control system on the bank level.
The Budget System Law obligates public funds beneficiary institutions to establish the internal control system that includes the monitoring and evaluation of their efficiency and effectiveness.
The internal control system should be sensitive to different profiles of fraudsters, including, as a minimum, two groups:"opportunity" fraudsters(persons who see an opportunity to commit fraud) and professional fraudsters.
During 2016, ICT department has also focused its activities towards further process improvements and internal control system improvements, additionally harmonizing with industrial standards(ITIL).
The goal is to establish a better internal control system in schools, including video surveillance and co-ordination with operative police centres at the level of towns and municipalities," Dacic said.
The Sarbanes-Oxley laws have become mandatory for everyone companies whose shares are listed on any stock exchange in the US, andtheir purpose is to introduce them effective internal control system for the financial reporting process.
Indicator of good functioning of internal control system is the highest conformity level provided within the annual report referring to the implementation and management of the internal control system of the bank.
For example, the goal of the Internal Affairs Programme is to put in place a reliable and transparent internal control system within all BiH law enforcement agencies in accordance with the best international practices.
The internal control system should tackle on an equal basis at least the three basic types of fraud: 1 internal fraud, 2 policyholder fraud and claims fraud and 3 intermediary fraud.
In March, the FSA sent‘punishment notices' to seven other digital currency exchanges, including Coincheck, andtemporarily halted the operation of two more due to a lack of“the proper and required internal control systems.”.
The above regulations constitute the basic framework for establishing of the internal control system at the public funds beneficiary institutions level and for this reason they are connected with the relevant principles of the COSO Framework.
Insurers are called upon to remember the importance of early warnings in the detection and prevention of harmful effects of excessive exposure to various risks and the importance of preventive action,in which an adequately organized internal control system is invaluable.
Business improvement orders were sent for a lack of“the proper and required internal control systems,” with Coincheck being specifically cited as missing a framework for preventing money laundering and the financing of terrorism.
Operator's internal audit is important because it ensures independent and comprehensive assessment of the adequacy of the payment system management system, and particularly the internal control system and the risk management in a payment system. .
The FSA issued business improvement orders for a lack of“the proper and required internal control systems” to seven exchanges, including Coincheck, which was specifically cited as lacking a system for preventing money laundering and the financing of terrorism.
Coordination with other Ministries andOther Key Stakeholders The internal financial control system is an essential and integral part of the public administration reform, since the internal control system is a horizontal issue and it is implemented in all public finance systems. .
The internal control system plays an important role in this process because it has to ensure the implementation of this concept and the achievement of strategies and plans, as well as to prevent any irregularities and illegal action in business operations, inadequate level of information, all kinds of inefficiency and excessive exposure to risks.
We will solemnly and seriously take the measures we take carefully and will deeply reflect on ourselves andwill drastically review our internal control system and management control system and will review the management strategy that thoroughly protects customers.”.
During 2015 special focus was on Internal control system has been continuously improved and increase of investment in employee development. From one side this monitored through quarterly meetings and as part of the annual was done through increased number of trainings and from the other evaluation of internal control system on the Bank level.
Among other things, auditors review whether the party adopted general acts regulating their operations, number of employees in party for the audited year,whether the party established internal control system, whether the financial plan has been adopted in accordance with general acts, and whether financial plan includes all types of revenue and expenditures.
Insurers should organize the internal control system so that the damage appraisal process involves professional judgment based on experience, checks against red flag lists, conduct of peer reviews, checks in internal and external databases, use of modern IT tools, interviews with claimants and, where necessary, special investigations.
Bearing in mind that internal controls need to be a part of everyday activities of every operator's employee,by implementing them they provide a significant contribution to internal control system upgrade through timely observation of potential deficiencies and timely vertical information dissemination, which is why control environment and management support are also important.
Conducting the activities envisaged in the PIFC Strategy is directly dependent upon the progress made in specific areas, which are included in the Public Administration Reform Strategy and it will predominantly depend on a proactive approach by public fund beneficiary institutions which, in accordance with the law, should implement internal control standards andprovide the necessary capacities for functioning of the internal control system.