What is the difference between Internal Financial Control (IFC) and general internal control?

Question

Accepted Answer

IFC focuses on financial reporting reliability, while general internal control covers overall operations and compliance.

IFC specifically targets financial reporting processes and controls
General internal control encompasses all aspects of operations and compliance
IFC ensures accuracy and reliability of financial statements
General internal control aims to safeguard assets and ensure compliance with laws and regulations
Examples of IFC include segregation of duties in financial reporting, while general internal control may involve inventory management and HR policies

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