What do you know about internal controls?

Question

Accepted Answer

Internal controls are policies and procedures implemented by an organization to ensure the integrity of financial and accounting information.

Internal controls are designed to prevent errors and fraud, and to ensure compliance with laws and regulations.
They include processes for authorization, segregation of duties, documentation, and physical controls.
Examples of internal controls include requiring two signatures for large transactions, conducting regular audits, and limiting access to sensitive information.
Internal controls are important for maintaining the trust of stakeholders and preventing financial loss.
They are typically overseen by an internal audit department or external auditors.

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