Internal Controls Defined
What do we mean by internal controls? How are internal controls defined?
The rules and procedures implemented by an organization to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
Definition by the: Committee of Sponsoring Organizations. COSO was organized in 1985 to sponsor the National Commission on Fraudulent Financial Reporting,
Our comment:
The controls, policies and procedures customized for the organization – type of business, product/service, ownership format, physical location, work force and location.
Excepted from
Internal Controls and Embezzlement Protection
Small Business Edition (c) Tom Ealey 2024
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