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Studentka2010 [4]
4 years ago
9

What are internal controls? Select one:

Business
1 answer:
DIA [1.3K]4 years ago
4 0

Answer:

b. Controls to manage the risk of loss and fraud within a company

Explanation:

Internal controls are the rules and procedures put in place by an organization to protect the integrity and accuracy of its financial records. Internal control promotes employee accountability and reduces the possibility of fraud in the company. They help the company achieve operational efficiency by improving the timeliness and accuracy of accounting information.

Internal controls safeguard company assets by putting in measures that regulate and prevent employees from stealing or committing fraud.  The measures comprise of control activities like documentation, separations of duties,  authorizations, and reconciliations.

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