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Internal Controls System for Businesses Internal Controls have positive & necessary place within the Businesses
Internal Controls Objectives Internal controls are methods adopted in a business to - • Ensure financial information is accurate & reliable • Ensure business assets in safeguards • Maintain the accountability for assets, liabilities, revenues & expenditures. • Review the every business operations • Appropriate supervision of staff • Ensuring correct training for stafff has been provided Good internal help you manage resources and make sure operations are effecient and effective.
Poor Internal Controls • Fraud - Everday million dollors lost due to fraud committed by individual or staff. • Lack of appropriate training & guidance for employees to perform their duty. • Poor Judgement in descision making by inexperinced staff. • Management overriding controls • Inefficient use of resources, high rates of product errors, carelessness & mistakes with ineffective management.
Good Internal Controls • The existence of an internal control act as restraint for those considering Fraud & will be detected. • Give comforts to employee protection with perfect guidance if they acted as prescribed manner. • Good internal control minimise the errors and save lots of money. • Determine the accountability of staff for their actions. • Help new employees to perform their duties or job with right ways. • Help to promote the efficient use of the business resources