Internal controls
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Internal controls are policies and procedures put in place by a company to help ensure accuracy and transparency. They include having financial plans, competent staff, dividing duties, oversight of record keeping, and supervision and review. Internal controls provide advantages like time savings, flexibility, catching errors and defects, and maintaining proper records and policies, though they also have disadvantages such as human error, costs, time needed for implementation, and potential for abuse of responsibilities.
Internal controls
- 1. Internal controls Submitted by Guided by Vijay Dilip Somase Prof Khairnar Mam
- 3. Elements Of Internal Control Financial plans Competent personnel Division of work Responsibility for record keeping Supervision & review
- 4. Advantages Of Internal Control Time savings Flexibility Identification of defects Check on errors Maintenance of account Policy Testing
- 5. Disadvantages Of Internal Control Chances of human error Cost Time Abuse of responsibility
- 6. Thank you