Internal Control (Noun)

Meaning

An accounting procedure or system designed to promote efficiency or assure the implementation of a policy or safeguard assets or avoid fraud and error etc..

Classification

Nouns denoting acts or actions.

Examples

• The company's internal control system was audited to ensure that it was effective in preventing financial fraud and misstatements.
• Internal control procedures were put in place to safeguard the company's assets and data from unauthorized access and theft.
• The auditor's report highlighted weaknesses in the company's internal control that needed to be addressed to prevent errors and irregularities.
• Effective internal control measures are essential for any business to minimize the risk of fraud and ensure the accuracy of financial reporting.
• The implementation of a robust internal control system helped the organization to streamline its operations and improve its overall financial management.