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Auditing - Definition of Internal Control | 12th Auditing : Chapter 2 : Internal Control

Chapter: 12th Auditing : Chapter 2 : Internal Control

Definition of Internal Control

Internal control is a system of control or practice put in place by management.

Definition

Auditing Practices (SAP-6) of Institute of Chartered Accountants of India: “Internal control system refers to the whole system of controls, financial or otherwise, established by the management in the conduct of a business including internal check, internal audit and other forms of control.”

From various definitions, the following points emerge:

·     Internal control is a system of control or practice put in place by management.

·     Controls are established over financial and non-financial areas of business.

·           Controls take the forms like internal audit and internal check.

 

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