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What are the inherent limitations of internal control?

What is the meaning of the concept of reasonable assurance in terms of internal control? What are the inherent limitations of internal control?

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What is the meaning of the concept of reasonable assurance in terms of internal control? What are the inherent limitations of internal control?

Meaning of Internal control:

An accounting procedure or system designed to promote efficiency or assure the implementation of a policy or safeguard assets or avoid fraud and error etc. Internal controls are meant to protect the assets, ensuring maintenance of adequate records, ensuring adherence to policies, rules, regulations and laws and promoting operational efficiency.

Definition of internal control:

Entire financial and other controls covering the organization, method, process and internal audit established by the administration in order to ensure that the activities
are carried out in an effective, economic and efficient manner in ...

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The inherent limitations of internal control is determined.

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