Definitions for "Internal Control"
"All the policies and procedures a company uses to ensure the reliability of financial reporting, compliance with laws and regulations, and the effectiveness and efficiency of operations."
All the policies and procedures a company uses to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency and encourage adherence to its policies.
A framework of Policy measures promulgated in-house to manage compliance. It involves the stipulation and monitoring of business procedures, scope of authority, etc. to prevent or guard against errors, waste, or fraud and to assure the reliability of accounting data. The ultimate objective is to ensure efficiency and effectiveness in the operational management of the business.
a set of processes that can ensure the successful completion of a business practice or transaction