Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. And a good performance of internal control is beneficial to make the company’s financial report more reliable. The audit procedure is a part of internal control that helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements. To describe: the list of three major steps in setting control risk in the inventory management process.

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Chapter 13, Problem 13.7RQ

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Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. And a good performance of internal control is beneficial to make the company’s financial report more reliable. The audit procedure is a part of internal control that helps to determine the nature of the financial information provided by the customers and all kinds of risks that occur in the financial statements.

To describe: the list of three major steps in setting control risk in the inventory management process.

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