Purchase Solution

What is the purpose of internal control

Not what you're looking for?

Ask Custom Question

What is the purpose of internal control? Why is internal control important? How can internal controls help or hinder a company's success?

Purchase this Solution
Solution Summary

The purpose of internal control is discussed. How internal controls helps and/or hinders a company's success is analyzed.

Solution Preview

Control is the "final link in the management functions" (Robbins & Coulter, 2005, p. 459) and in which planning can occur throughout the organization.

What is the purpose of internal control?
The purpose of internal control is that organization should adhere to their strategic plan and quickly and efficiently and correct any variations or errors that have occurred.
It should ensure that actions are taken to address risks. Control activities are an integral part of an entity's planning, ...

Purchase this Solution
Free BrainMass Quizzes
Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Lean your Process

This quiz will help you understand the basic concepts of Lean.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

Basics of corporate finance

These questions will test you on your knowledge of finance.

View More Free Quizzes
Related BrainMass Solutions

  • Auditing Principles of Internal Control

    224791 Auditing Principles of Internal Control What is the purpose of internal control? Why is internal control important? What is internal control?

  • The solution to Internal Controls

    226442 The solution to Internal Controls What is the purpose of internal control? Why is internal control important? How can internal controls help or hinder a company's success? Define, explain, give examples and be specific.

  • Purposes of internal control system

    291623 Summarize the primary purposes of an internal control system 1. Summarize the primary purposes of an internal control system. 2. What are the three internal control objectives for financial reporting? 1.

  • Internal Control Systems

    What are the three internal control objectives for financial reporting? One purpose of an internal control system is providing reasonable assurance that an entity complies with "applicable laws and regulations."

  • Primary purpose of an internal control system; 3 objectives

    264309 Primary purpose of an internal control system including three objectives 1. Summarize the primary purpose of an internal control system? 2. What are the three internal control objectives for financial reporting? 3.

  • Define an internal control system and describe its purpose.

    When the company has an effective internal control environment, it indicates that personnel follow proper protocols, there is a proper segregation of duties, and the company has instituted controls to keep the environment as effective as possible.

  • Internal Reviews of Controls and its importance in a company

    (enotes.com) What is the purpose of internal control?

  • What is the purpose of internal control? Why is it important?

    223620 What is the purpose of internal control? Why is it important? What is the purpose of internal control? Why is internal control important? How can internal controls help or hinder a company's success?

  • What is the purpose of inventory control? Why is inventory a

    414107 What is the purpose of inventory control? Why is inventory an important consideration for managers? What is the purpose of inventory control? Why is inventory an important consideration for managers? Substantiate your response.

View More Related Solutions