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Internal control is an important system to protect company financial and management data. It is establishing a process of how the company handless receiving and reporting money, administrative and management tasks. The most important purpose to establish internal control is to establish a protocol of how the managers and employees perform their day to day duties, reduce fraud and theft, reduce errors and organize information.
The importance of internal controls is an orginization is colossal.It plays an important role in preventing fraud, detecting fraud, and protecting tangible and intangible assets/resources of an orginazation. One of the main thing to keep in mind when establishing internal controls is to establish segregation of duties amoung the staff.
