What is Internal Control
1. A process designed to ensure reliable financial reporting, effective and efficient operations and compliance with applicable laws and regulations.
2. Safeguarding assets against theft and unauthorized use, acquisition or disposal is also part of internal control.
3. Internal control consists of a number interrelated components, such as:
Trust is NOT an Internal Control feature.
Benefits of effective Internal Control
Is your Internal Control process sufficiently robust
Approach to improve your Internal Control environment