The key role of Internal Control in a business is to provide reasonable assurance about the protection of assets, accuracy of records, operational efficiency, and compliance with applicable laws.
What are the advantages of having Internal Control in a business?
Internal Control help in the following areas:
- to protect and reduce the probability of fraud
- increase financial integrity and reliability
- establish and monitor procedures etc.
The components of a business related to Internal control are:
- control of environment
- risk assessment
- control of activities
- information and communication monitoring etc.
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