Magazine article Strategic Finance

Who's in Control? (Books)

Magazine article Strategic Finance

Who's in Control? (Books)

Article excerpt

* IN IMPLEMENTING AND AUDITING THE Internal Control System, published by Palgrave, Dimitris N. Chorofas provides a thorough examination of why and how internal control systems are so crucial to maintaining an organization's focus on the right path to success. He gives useful advice for any company looking to set up an internal control system or improve on an existing one.

A former employer and current client of mine routinely uses a catch-phrase: "So what's the so what?" Here's the so what on this book: The best use would be for a general auditor of any large organization with high volumes and risk to read this first, then provide annotated copies to all members of the Board of Directors--particularly the Audit Committee. The combination of authoritative sources along with scary stories of failure should help people responsible for organization success focus on what's important.

This is also a solid read for financial managers and auditors since it reinforces so many basic concepts of control and provides practical examples of failures caused by lack of management attention to the controls in the organization.

Chorofas, a prolific scribe of volumes on various aspects of business management, uses interviews with leading practitioners and authorities throughout the world to bolster his arguments for a dynamic control environment that relies on management enforcement and engagement--using the audit process as a verification mechanism.

Central to this position is that if controls are left to internal and external auditors and regulators, the controls will fall. At the same time, the author emphasizes that an audit of these controls is needed, and it should provide a review of the process and an evaluation of the mechanism to change controls as needed.

Another major focus is the need to control on a timely basis to keep up with the speed of bush ness. …

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