WHAT IS INTERNAL CONTROLS | MEANING AND OBJECTIVES
Internal controls in its broadest sense is the collection of policies, procedures, practices, conventions, norms and organizational structures which managers implement in order to reduce risks to a business.
Internal controls are developed with the aim of providing management reasonable assurance that an organizations business objectives will be achieved while at the same time preventing risks, detecting risks, and taking corrective actions. Internal controls could either be a manual process, automated or a combination of manual and automated processes all aimed at reducing risks that may pose potential threat to the achievement of an organizational goal(s)/ objectives.
Internal controls cuts across all cadre of management and staff in an organization. This is to say that internal control function is not the exclusive right of any class of people in a business environment as all hands must be on deck to mitigate a company’s exposure to a situation whereby vulnerabilities are exploited thereby causing an entity not to achieve its objectives.
DEFINITION | MEANING OF INTERNAL CONTROLS
TYPES OF CONTROLS
OBJECTIVES OF INTERNAL CONTROLS
INTERNAL CONTROLS TOOLS
COMMON INTERNAL CONTROLS LOOPHOLES
TENETS OF INTERNAL CONTROLS
