BENEFITS OF INTERNAL CONTROLS IN EVERY COMPANY
DEFINATION Internal Control is a process that has been put by company management or other personnel to ensure the company runs effective and efficiently in order to achieve company objectives. It is the responsibility of the management to setup internal controls and also ensure that they are being followed. Internal Control is also based on the principle of segregation of duties. The Process, policies or practices that a company put in place as an internal control are essential as they protect the integrity of company’s assets, accounting and financial information, they also prevent fraud and promote accountability TYPES OF INTERNAL CONTROLS There are two (2) types of internal controls Detective Controls Management creates internal controls to detect irregularities or error that have occurred, therefore, corrective controls are implemented and designed to correct those errors or irregularities that had occurred. Preventive Controls Are internal controls created to stop errors...