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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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