What is Internal Control?
Define Internal Control Whether you are running a small business or a large conglomerate, internal control is an important part of making sure your business operations are efficient and consistent across the board. Internal controls are designed to promote company efficiency, adherence to company policies or values, and safeguard against fraud, unauthorized use or theft of a company's assets. Elements of a strong internal control program include segregation of duties, proper authorization processes, inventory and asset control, good recordkeeping and documentation practices, and independent oversight. Making sure your company incorporates all these elements in its internal control program can make a huge difference in the quality of the products and services you deliver and in making sure that the profits from those activities are well protected and managed. Segregation of Duties By dividing responsibility for different elements of related activities, companies can cr...