internal control

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The measures an organization employs to ensure that opportunities for fraud or misfeasance are minimized. Examples range from requiring more than one signature on certain documents, security arrangements for stock-handling, division of tasks, keeping of control accounts, use of special passwords, handling of computer files, etc. It is one of the principal concerns of an internal audit to ensure that internal controls are working properly so that the external auditors can have faith in the accounts produced by the organization. Internal control should also reassure management of the integrity of its operations.

Subjects: Accounting — Financial Institutions and Services.

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