Internal Controls (IC) are a set of policies (guidelines, manuals) and procedures (processes) that Management has the responsibility of implementing and maintaining.The objective of Internal Controls is to provide reasonable assurance that business goals are achieved.
Internal Controls aim to detect and prevent misstatements that may arise from fraud and error.
What we provide ?
We aim to provide reasonable assurance that business goals are achieved
We aim to detect and prevent misstatements that may arise from fraud and error.
Advantages of it ?
A good Internal Controls structure is also established in order to:
Maximize the efficiency and effectiveness of operations;
Safeguard the business’ assets from loss or damage due to inefficiency, error or fraud;
Provide accurate, timely, reliable and relevant accounting information through proper maintenance of accounting records; and
Ensure compliance with all applicable laws and regulations.