Question

What is internal control, and what are the objectives of a well-designed internal control structure in an organization?

Answer 1

"Internal Control exster" means all the policice and Poocedures Cinternal controls) adopted by the management of an entity to assist in acheving mongement's objective of ensuring, as for as practicable, the orderly and efficiend conduct of its business, including adherence to management policies, the sofeguarding assets, the preventing past prevention and detection of fraud and Error the are accuracy and completeness of accounting records, and the timehe proportion of reliable firencial information. The objectives of Internal control rebling to the accounting system are ! Ć Toen Socotros os Execerted through geneed on specific moregment authorization. (11) All transactions are promptly recorded in appropriate manner to permit the prepartion of firencial information and to maintain accanbbility of assets. ( Assets and record or sale gordel fora unauthorizes access, us cool disposition (iv) Assets are verified at reasonable intermedials and appoprak action is taken with regard to des discrepancies.