Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.
It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organization's resources, both physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such as trademarks).
At the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations. At the specific transaction level, internal controls refers to the actions taken to achieve a specific objective (e.g., how to ensure the organization's payments to third parties are for valid services rendered.) Internal control procedures reduce process variation, leading to more predictable outcomes. Internal control is a key element of the Foreign Corrupt Practices Act (FCPA) of 1977 and the Sarbanes–Oxley Act of 2002, which required improvements in internal control in United States public corporations. Internal controls within business entities are also referred to as operational controls. The main controls in place are sometimes referred to as "key financial controls" (KFCs).[1]
^Barnet Council, Key Financial Controls, published March 2016, accessed 29 January 2020
Internalcontrol, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency...
people with an internal locus of control tend to praise or blame themselves and their abilities. People with a strong external locus of control tend to praise...
air, and maritime borders through border controls. Internal border controls are measures implemented to control the flow of people or goods within a given...
Foundation New York State InternalControl Association Essays on Common Sense Management regarding InternalControlInternal Audit Training Courses across...
An internalcontrol region is a sequence of DNA located with the coding region of eukaryotic genes that binds regulatory elements such as activators or...
evaluate and improve the effectiveness of risk management, control and governance processes. Internal auditing might achieve this goal by providing insight...
evaluate internalcontrols, risk management, and fraud deterrence. In 1992 (and subsequently re-released in 2013), COSO published the InternalControl – Integrated...
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that minimises risk. They are a subset of an organisation's internalcontrol. IT control objectives typically relate to assuring the confidentiality,...
(PDS)". Internal Revenue Service. October 26, 2016. Retrieved October 15, 2022. "GAO-11-308 Information Security: IRS Needs to Enhance InternalControl over...
validated reports of internalcontrols over those information systems to the users of those services. The reports focus on controls grouped into five categories...
Controlledinternal drug release (CIDR) devices are used in livestock for the synchronization of estrus. They are T-shaped devices with a silicone-coated...
The Internal Security Act of 1950, 64 Stat. 987 (Public Law 81-831), also known as the Subversive Activities Control Act of 1950, the McCarran Act after...
involves tiers of internal processes including management and internalcontrols, financial control and security, inspection, compliance, internal audit and leadership...
borders. While border control is typically associated with international borders, it also encompasses controls imposed on internal borders within a single...
ISA 400 Risk Assessments and InternalControl is one of the International Standards on Auditing. It serves to require the auditor to understand the client's...
the last two newly added. Internal Audit provides a means of measuring the effectiveness of the system of internalcontrol and accounting and carries...
relation to an entity's financial reporting, internalcontrol system, risk management system and internal and external audit functions. Its role is to...
standard internal state to its present internal state of interest, accounting for the gains and losses of energy due to changes in its internal state, including...
Other commonly audited areas include: secretarial and compliance, internalcontrols, quality management, project management, water management, and energy...
counterpart, external fertilization, brings more control to the female with reproduction. For internal fertilization to happen there needs to be a method...
An engine control unit (ECU), also called an engine control module (ECM), is a device which controls multiple systems of an internal combustion engine...
organization's customer that the service organization has adequate internalcontrols. ISAE 3402 was developed by the International Auditing and Assurance...
motor control center can either be supplied ready for the customer to connect all field wiring, or can be an engineered assembly with internalcontrol and...
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