The American Institute of Public Accountants defines: “The plan of organization and all the coordinate methods and measures adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency and encourage adherence to prescribed managerial policies. An internal control system extends beyond those matters which relate directly to the functions of the accounting and financial departments”.

Definitions: Arthur. W. Holmes defines: “Vouching is the examination of the underlying evidence which is in support of the accuracy of the transaction. The process of vouching is intended to substantiate an entry by providing authority, ownership, existence and accuracy.” Lawrence defines: “Vouching is an act of comparing entries in the books of accounts with documentary evidence in support thereof”.

Spicer and Pegler- “The verification of assets implies an enquiry into the value, ownership, title, existence and possession and the presence of any charge on assets” Existence Value Ownership & Title Possession Charge Disclosure