Physical Sciences and Mathematics Commons^™

Some Principles For Banks’ Internal Control System In Albania, Artur Ribaj

UBT International Conference

Internal control involves everything that controls risks to a bank. The objectives of internal control as a system relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations. The objectives of internal control at a specific transaction level refer to the actions taken to achieve the target within the allowed limit of risk. An effective internal control system reduces process variation, leading to more predictable outcomes. There are some important documents for regulating the internal control system as such: The Directive 2006/43/EC “On statutory audits of annual …