What do you know about internal controls?

Question

Accepted Answer

Internal controls are processes put in place by an organization to ensure the accuracy and reliability of financial reporting, compliance with laws and regulations, and the effectiveness and efficiency of operations.

Internal controls help prevent fraud and errors within an organization.
They involve procedures, policies, and mechanisms to safeguard assets and ensure financial data integrity.
Examples include segregation of duties, authorization processes, and regular audits.
Internal controls also help in achieving operational goals and objectives by promoting accountability and transparency.

Accepted Answer

Internal controls are policies and procedures implemented by an organization

What do you know about internal controls?

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