Abstract:
Abstract: Senior Executives have long sought ways to better control the enterprises
they run. Internal controls are put in place to keep the company on course toward
profitability goals and achievement of its missions and to minimize surprises along
the way. They enable management to deal with rapidly changing economic and
competitive environments, shifting customer demands and priorities, and
restructuring for future growth. Internal controls promote efficiency, reduce risk of
asset loss, and help ensure the reliability of financial statements and compliance
with laws and regulations. This article will be exclusively focused to internal control
environment model developed by Committee of Sponsoring Organizations (COSO)
and eventually will examine the internal control practiced in the City Bank Limited
in compliance with COSO model. The City Bank Limited management tries to
implement best possible options for maintaining a balanced control environment that
ultimately pave the way for attaining internal control to the fullest let alone shaping
the financial report card. Because internal control serves many important purposes,
there are increasing calls for better internal control systems. Internal control is
looked upon more and more as a solution to a variety of potential problems.
