Meaning
Internal
Control refers to the process of control exercised by the management either
financial or non-financial to ensure proper accounting of business transaction
and reliability of records. Internal control has a wide coverage which includes
checks and controls exercised to ensure efficient and effective functioning of
the business organisation. In other words, it is a process implemented by the
management to provide the following:
1.
Proper accounting and reliability of records,
2.
Effectiveness and efficiency of business
operations, and
3.
Compliance with laws and regulations.
The
scope of internal control system is vast. It comprises both administrative
control as well as accounting control.
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