Explain the terms “Internal Control”, “Internal Check” and “Internal Audit”. What are the requisites of a good internal control system?

Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organization's resources, both physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such as trademarks).At the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations. At the specific transaction level, internal controls refers to the actions taken to achieve a specific objective (e.g., how to ensure the organization's payments to third parties are for valid services rendered.) Internal control procedures reduce process variation, leading to more predictable outcomes. Internal control is a key ________ _____ __________ ____ _____ ______ _______ ____ ___.
_____ __________ ________ ____ _______.
_______ ______ __________ __________ ____ ____ ________ ___ _____ _____ __________ _______.
__________ _________ ______ _______ __________.
___ ________ ____ ____ ___ _________.
___ ________ ________ ________ ___ ______ ___ ____ ___ ________ ___ _______.
____ ________ ____ ________ ________ _____ ___ _______.
_________ ____ ________ ____ _________.
___ ____ ______ _____ ________.
___ _______ _________ _______ ___ __________ ____ ___ _____ _______.
_________ _____ _____ ______ ________ ___ ______ ___ _______.
____ ___ _________ ________ ______ __________ ____ _______ ___ ____ _______.
______ ______ ________ ______ ________ ________ __________ _________ ________.
_________ __________ ___ __________ _________ __________ __________ _____.
_________ ____ ________ ___ ______ _____.
_______ _____ ____ ________ _____.
_____ __________ ______ ___ _______ ____ ______ _________ _____ ________ ___.
__________ _______ ___ _______ _____.
_________ _____ ____ _____ _________ _______ ______ _________.
__________ ___ __________ ___ _________ ________ _______ ______ ________.
____ ___ _____ ___ __________ _____ _______ _______ ___ _________ __________ _______.
_____ _______ _______ _____ _____ ________ ________ ___ _______ _____ _________ ____.
_______ ________ ________ ________ ________ __________ _________.
_______ ___ ________ _____ ___ __________.
________ ______ _____ ____ ____.
_________ ________ _____ ______ ___ _______.
_____ ______ ____ __________ ___ ____ ___ _____.
___ ___ _________ ___ _____ _____ _________ _______ ___ _____ _________ _______.
______ _________ _______ ___ ____ ______ ____ ______ ___.
__________ ________ __________ __________ ________ _________ ________ ______ _____ ________ _____ ______.
_________ __________ ______ __________ ____ ______ _____ __________.
___ ________ _____ _______ ________ _________.
_______ __________ _________ ____ __________.
__________ __________ _______ __________ ______ _______ ______ ___ _________ ____.
______ ________ ________ ______ ____ ________ ____ ______ __________ _____.
___ ______ ________ _________ __________.
_________ _________ ____ __________ _________ _________ ____ __________ ___ ________ __________ _________.
_________ ______ _________ __________ _____ __________ ____ ____ ___ ________.
_________ ______ ____ __________ _______ ___ ________ ____ _________ _____.
_______ _______ _____ __________ ___ _________ __________ _________ ________.
_____ _________ _________ ______ ________.
_________ ___ ___ _________ _______ _________.
________ ________ _____ __________ _________.
__________ ___ _______ _____ _______ _____ ______ _______ ____.
________ __________ _____ _________ _____ _____ ____ _______ _____ ____ ____ _______.
____ ________ ______ _________ ______ __________.
_____ ______ ______ _________ ___ _______ _______ _________ ____ ________.
________ _________ ___ _____ ______.
________ ______ ________ ____ _______ ________ _______ ________ __________ _______ _____ _______.
_________ _______ _____ _____ ___ ___ __________ _______.
_____ ______ ________ ____ _____ ________ ________ __________ _____ ______.
_________ ____ _______ ________ ______.
____ __________ _______ _______ _____ __________.
___ ______ __________ ______ ________ ____ _____ _________ _________ _________ ____.
_________ ___ ______ ________ ____.
__________ _______ ____ _________ ______ ______ __________ __________.
_____ _____ ______ _____ ___ _________ __________.
________ _______ ______ ______ ________ ______ ________ _______ ____ ______ _______ _______.
__________ ___ __________ ____ __________ __________ __________ ______ ______.
__________ ________ _________ _________ ___ ____ ____ _________ _________ _________ _______ ______.
_________ ____ ______ _______ _______ _______ ____ ______ ___ _________.
_____ ____ ___ _________ ______ _____ _____ _______ ________.
__________ _________ ________ ________ _______ _____ ________ _________.
__________ _________ ___ ____ _______.
___ ___ ______ ___ _____ ________ ____ _________ ______.
__________ ______ ________ ______ ________ ______ __________.
_______ _______ ____ ____ _______ ___ __________ _______ _______.
__________ ________ _______ _____ ___ _____ ______ ____ ______ ______.
_________ ____ ___ _____ ___ ___ _______ ________ ____ __________ _________.
_______ _____ ____ _____ ___ _________ ________ ____ ________ ___ ___.
___ _____ _______ ______ ________ ______ ____ ______ __________ _______.
_________ ____ ___ _____ ____ _________ _________ __________ _______ _____.
______ __________ _________ _______ _______ __________ __________ _________ ______ __________ ________.
________ ___ __________ _______ ___.
____ ________ _____ ___ __________ ____ _____ ___ _____ _________ _________.
______.
Get Full Answer on WhatsApp