Home | | Auditing 12th Std | Meaning of Internal Control

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

Chapter: 12th Auditing : Chapter 2 : Internal Control

Meaning of Internal Control

Internal control has a wide coverage which includes checks and controls exercised to ensure efficient and effective functioning of the business organisation.

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.

 

Tags : Auditing , 12th Auditing : Chapter 2 : Internal Control
Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail
12th Auditing : Chapter 2 : Internal Control : Meaning of Internal Control | Auditing


Privacy Policy, Terms and Conditions, DMCA Policy and Compliant

Copyright © 2018-2024 BrainKart.com; All Rights Reserved. Developed by Therithal info, Chennai.