Answer to Question #189781 in Economics for Fatima

Question

Identify and explain THREE internal controls that currently exist in Flanco

Answer 1

Internal control is a process designed and implemented by those charged with governance, management, and other personnel to provide reasonable assurance that the organization's objectives are achieved with respect to the reliability of financial reporting, the efficiency and effectiveness of operations, and compliance with applicable laws and regulations. ...

It follows that internal controls are designed and implemented to address identified business risks that threaten the achievement of any of these objectives.

Internal control is a process carried out by the board of directors, management and other personnel of an organization to provide reasonable assurance that objectives are being achieved in the following categories:

Reliability of financial reporting.

Compliance with Applicable Laws and Regulations.

Efficiency and responsiveness of operations.