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Tanuj Loshali
on Nov 14, 2024

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Internal control consists of the plan of organization and all of the related methods and measures adopted within a business to (a) safeguard its assets and (b) enhance the accuracy and reliability of its accounting records.

Internal Control

Processes and procedures implemented by a company to safeguard assets, ensure accuracy of financial records, and promote operational efficiency.

Accounting Records

Documentation and books that systematically record all financial transactions of an entity, allowing for financial statement preparation and auditing.

Safeguard Assets

Involves implementing controls and measures to protect a company's assets from theft, damage, or misuse.

  • Understand the fundamental concepts of internal control systems including their purposes and components.
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Shaunna PickettNov 14, 2024
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