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Internal control is the management system of controls, financial and otherwise, established in order to provide reasonable assurance of?
Internal financial control.
Compliance with laws and regulations
Good internal control systems should make accounting records more reliable and the occurrence of fraud and error more difficult.
Controls can be categorised into four main types?
Detective
Directive
Preventative
Corrective
The safeguarding of assets against unauthorised use or disposition.
The maintenance of proper accounting records and the reliability of financial information used within the business or for publication.
Some of the types of non-financial qualitative controls are:
Formal structures
Informal structures
Rules, policies and procedures
Physical controls
Strategic plans
Incentives and rewards
Project management
Personnel controls
There are limitations of internal control?
Controls can be overridden by managers.
Controls can break down because of staff issues.
Controls can break down on a temporary basis when staff are ill or away on holiday.
Easy access to technology makes its difficult to enforce controls.
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