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Internal control systems

Why is it important for a company to have an internal control system?

What is the difference between a general control and an application control ? Give at least one example of each.

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Why is it important for a company to have an Internal Control System?

Internal control within a business is crucial. The function of internal control is the monitoring system for the company. Internal controls is a process where the organization's structure and resources are measured, monitored and directed. Internal assists an organization in detecting and preventing fraud and protects the company's physical property. assuring that the company is doing business in accordance to all laws and regulations.

The Internal controls objectives enforce financial reporting against fraud. Many times when employees have access to the company's money fraud and theft ...

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The solution answers:
Why is it important for a company to have an internal control system?

What is the difference between a general control and an application control ? Give at least one example of each.

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