However, internal controls are more than just discovering errors and irregularities, controls go hand in hand with internal audits. Audits differ from controls in that an audit will provide "an objective, independent review of bank activities, internal controls and management information systems to help the board and management monitor and evaluate internal control adequacy and effectiveness" (Comptroller p. 2).
Using audits and internal controls to provide information for the smoother and more seamless operation of a bank or financial firm can be composed into a governance system. The system would spell out the controls, standards, methods and designs for the entire operations. The Banking Regulation and Supervision Board recently published a statement that defined internal control systems. It stated that the internal control system would include "all of the financial, operational and other control systems which are carried out by internal controllers and which involve monitoring, independent evaluation and timely reporting to management levels systematically in order to ensure that all the bank activities are performed by management levels in accordance with current policies, methods, instructions and limits" (Banking, 2001, p. 1). To have knowledge in all those areas and more would be an achievement that I could be proud of, and to know that I was able to garner such data from your institution would lead me to a future of attainment, achievement and a level of excellence unsurpassed by any other institution. Achieving a degree from your university would one allow me, in future years, to brag to my children and grandchildren of leaving a legacy that one could always be proud of.
Over the past several years I have diligently observed how an internal control system can be beneficial to a financial banking firm. I have watched as individuals with as much or less experience than I, have been able to immediately discern details of certain events that I had difficulty in understanding. I studied their actions and...
The efforts I will demand of myself will shine as a bright beacon of dedication and perseverance to those that witness those efforts. Upon completion of the degree in which I am determined to achieve, I will go forth from your educational as a fine example of what can be molded through determination and with the assistance of an excellent educational program.
As I near the completion of this essay I look back to the internal and external factors considered in my decision to apply at your university. I wish to gain knowledge, which I will. I will have been enhanced by your institution in my efforts to gain that knowledge, and with the help of your courses, professors and the educational environment offered by your university I will achieve excellence in my studies of internal controls and corporate governance.
It is my desire and sincere hope that I will be able to learn the details of how to implement these type of internal controls in order to become more proficient at corporate governance. It is my belief that I will do so if my application for admission to your university is given a resounding 'thumbs up' from all individuals involved in the process of deciding on the fate of students such as myself.
Works Cited
Banking Regulation and Supervision Board (2001) Regulation on bank's internal control and risk management systems, Official Gazette Issue
Basle Committee (1998) Framework for internal control systems in banking organizations, Basle Committee Report, pp. 1-31, http://www.bis.org/publ/bcbs40.htm, Accessed December 28, 2007
Comptroller of the Currency, Administrator of National Banks, (2001) Internal control, Comptroller's Handbook, January 2001
