internal control is aprocess that has certain objectives including?

Expert Solution

Internal control is a process through which the organisation an organisation makes sure that the integrity of the financial transactions and operations of the business are in place to achieve organisational objectives. Controls are put in place to make sure the organisation can protect anything that is valuable to the company. It is a process, where the company places checks and protective covers to safeguard anyting of company's interest. The objectives of internal controls are:

1. Reliability of all the financial transactions taking place in the company are in line with meeting company's objectives.

2. Compliance with government rules and regulations. It makes sure that the company is operating as per set government standards, and are fully compliant with the rules and regulations.

3. Another important objective of control system is to ensure safety to protected informations and processes, by putting additional layers and channels. It ensures the safety and security of the company's internal informations.

4. By placing internal controls, efficiency of the company increases.

ekkarill92 answered 2 years ago

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