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INTERNAL CONTROL

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Please help with the following problem.

What internal control observations can you make about financial institutions ? Are there any areas where financial institutions do a particularly good or not so good job with internal controls? Please use descriptive examples where possible.

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Solution Summary

This discusses the INTERNAL CONTROL porgrams for the organizations

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INTERNAL CONTROL

Internal control programs are critical to any organization, because without it the results could be chaotic. A company should have several internal control programs implemented such as, accounting control systems and administrative controls.

INTERNAL CONTROL IN A FINANCIAL INSTITUTION

An Internal control system consists of financial records and procedures dealing with cash disbursements, receipts, granting of loan, employee payroll, and sales or other rendering of services. It also has benefits that are to safeguard financial records and prevent the amount of errors as well as protect against fraud. It will also help maximize efficiency and minimize waste. ...

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