My priority would be to emphasize on security controls in digitized work environment.- Biraj ACCA Global Global Council Candidate
Today we present to you our interview with Mr. Biraj Pradhan ACCA Global Council candidate on the value of internal controls in business.
Mr. Biraj Pradhan explain us brief about your background?
I am FCCA and Experienced Manager working at Kathmandu University.I am a passionate toastmaster and global forum member for Accountancy Future Academy and Ethics at ACCA. I have diverse work experience and believe IFRS and Integrated Reporting are marvelous inventions for business growth and professional accountancy.
I am also an executive member in Nepal World Council Affairs which works to improve international relationships of the country.
What are internal controls ?
Internal controls are measures developed inside an organization to safeguard resources and monetary transactions. They are crucial to protect resources of business and have high values for owners, managers, accountants and related stakeholders.
Why it is important to a business ?
It has high value due to its controlling aspect. They help protect and give maximum value of resources to concerned stakeholders.It also assures owners that their assets are safeguarded. They help in compliance with the physical condition of Assets as well the applied reporting standards of business.
How to in corporate internal controls in Startups and SMEs?
For start-ups , we have to set up the budget limits, check and control expenses, manage inventory and verify any sources of revenue and possible leakages . It is also important to set up and maintain Inventory lines.Having adequate check in disbursement of goods/inventory add the values.
For SMEs- it would be wiser to improve processes of expenses, check revenue sources, compliance with banking transactions and ensure products and processes match with the monetary transactions.
Why people are more reluctant to implement business controls?
It might be due to various reasons: more time consumption,cost of compliance, higher control in use of organization's resources. Moreover lack of accountability and ethical issues might be other discouraging factors for people to apply internal controls.
As a Candidate for ACCA global Council why you think ACCA accountants are more strong in developing internal controls in business ?
ACCA are professional accountants who are trained in internal control mechanism. They have passed their ethics module and have higher business acumen due to the rigorous qualification. ACCA is forward looking global qualification which instills the seven quotients needed for any successful professional. Developing systems and managing Internal controls are very relevant if one develops technical skills as well as digital and Ethical quotients.
If you are Selected as council member what is your plan to develop awareness about internal controls in business globally ?
As a global council member , my priority would be to emphasize on security controls in digitized work environment. I would also be eager to collaborate with members of our professional body in having ACCA work closely with employers and other stakeholders to help set -up systems of robust internal control mechanism for threats from cyber security.
Interviewed by
Pasan Malinda katipearachchi
Chief Editor
Business Tomorrow
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