What is Internal Control

Internal Control System is the process executed by the management to ensure the safeguarding of assets, maintenance of efficiency and effectiveness in operations and trustworthiness of financial statements to prevent any fraudulent conduct or wastage of resources.

Benefits of a Good Internal Control System

• Improving accountability of operations
• It helps in the safeguarding of assets and reduces fraudulent transactions
• Improving the efficiency of operations
• Increasing financial transparency
• Meeting legal and statutory regulations
• Establishing monitoring procedures
• Protection and optimum utilization of resources

What is Internal Control

• Internal Control

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