With globalization, deregulation and the advent of derivatives, credit institutions and the treasury operations of manufacturing, merchandising and service companies are finding that their traditional tools for management control longer suffice. They must develop more efficient processes able to measure and monitor their risks in real time. Internal control is a dynamic system covering all types of risk, addressing fraud, assuring transparency and making possible reliable financial reporting within such organizations. In this book, Dimitris N. Chorafas defines both auditing and internal control, explaining the value of internal control, why it must be audited and how this can be most effectively achieved. Internal control systems are examined from within the context of the globalization of financial markets, under the impact of the growth of information techlogy.
Dimitris N. Chorafas served on the faculty of the Catholic University of America and as Visiting Professor at Washington State University, George Washington University, University of Vermont, University of Florida, and Georgia Institute of Technology in the United States, as well as the University of Alberta, Technical University of Karlsruhe, Ecole d'Etudes Industrielles de l'Universite de Geneve, Ecole Polytechnic Federale de Lausanne, Polish Academy of Sciences and Russian Academy of Sciences. More than 8,000 banking, industrial and government executives participated in his seminars in the United States, England, Germany, Italy, other European countries, Asia and Latin America. Chorafas is the author of 160 books, translated into several languages world-wide.