Asked by
Tanuj Loshali
on Nov 14, 2024Verified
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.
Verified Answer
SP
Learning Objectives
- Understand the fundamental concepts of internal control systems including their purposes and components.