Effective internal control reduces the risk of asset loss, and helps ensure that plan information is complete and accurate, financial statements are reliable, and the plan’s operations are conducted in accordance with the provisions of applicable laws and regulations.Please using STAR Method and Give us examples of evaluating the effectiveness of internal controlsfor Procurement department. Financial Controller role requires:
knowledge and skills to review the financial statements prepared in accordance with IFRS, ensure compliance with IFRS through execution of reviews of the reporting packages of the units to ensure that they are free from material misstatements. Improve and ensure the quality of account reconciliations via reviews
What were the problems ?
Why did you identifyt hat control is not effective ?
How did you measure the effectiveness of internal control ?
How did you do the risk assessment and evaluation ? What was the risk score (High or Very High)?
How did you solve it ?
What was conclusion/result ?
STAR METHOD Situation:
Describe the context within which you performed a job or faced a challenge at work. For example, perhaps you were working on a group project, or you had a conflict with a coworker. This situation can bedrawn from a work experience, a volunteer position, or any other relevant event. Be as specific as possible.
Task:Next, describe your responsibility in that situation.Perhaps you had to help your group complete a project within a tight deadline, resolve a conflict with a coworker, or hit a sales target.
Action:You then describe how you completed the task or endeavored to meet the challenge. Focus on what you did, rather than what yourteam, boss, or coworker did.
Result:Finally, explain the outcomes or results generated by the action taken. It may be helpful to emphasize what you accomplished, or what you learned.
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