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Internal Controls and Importance

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What are internal controls? Why are they important? Provide some examples of internal controls.

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The 357 word solution provides an explanation of internal controls and why they are important. Additionally, this solution provides several examples of internal controls to illustrate the concept. It also includes a complete list of reference sources for further investigation of the topic.

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What are internal controls?

Internal controls are system policies and procedures that are designed to safeguard assets and to insure that a consistent system is installed and operating in order to produce valid and accurate information in an accounting system.

In the following link is a group of definitions from a number of sources intended to explain what internal controls are designed to do: ...

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