What are internal controls?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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What are internal controls?
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Internal Control: Internal control refers to the plan of a company. Implementation of an effective internal control system is necessary for the success of any business enterprise. Thus, internal control helps:
- To promote operational efficiency.
- To encourage company policies and procedures regarding adherence.
- To minimize the errors and theft happening in the company.
- To enhance the accuracy and reliability of the accounting data.
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