What is internal control?



Internal control may be defined as the process designed,implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entity’s objectives with regard to:

 

  • reliability of financial reporting,
  • effectiveness and efficiency of operation,
  • safeguarding of assets,
  • and compliance with applicable laws and regulation.
DEFINITION OF INTERNAL CONTROL

2 thoughts on “What is internal control?”

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