What is the purpose of an internal control system?
Introduction:
Internal Control System:
It’s mandatory to help employees and other partners to understand the goals and objectives of the organization. Basically it gives confidence to the customers and other parties that transactions are recorded in a right and timely manner.
The purpose of an Internal Control System.
They are designed to provide confidence regarding the achievement of the goals and objectives of the organization, such as it helps in to maintain the effectiveness and efficiency of the operational goals & objectives, provides accurate and authentic financial reports etc.
Internal control system includes 4 basic purposes :
Corporate Financial Accounting
Financial & Managerial Accounting
Accounting Information Systems
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