INTERNAL CONTROL MODULES

A common misunderstanding of internal control system is put into use in an organization, only for the sole purpose of stopping or reducing fraud and errors, but that is not the case.

There are many other reasons for internal control systems;

• Protecting business assets by economical and effective use of its resources • To prepare financial information on time • Ensure business conducts are efficient and in order, plus obedience to the internal policies • Make sure accounting records are complete and accurate • To detect and prevent error and fraud • Ensure the organization’s objectives are met in an efficient manner • To make sure risks accompanied with business operations are minimized, and • Making sure records are properly managed for decision-making, to provide reliable financial information and for evaluation of activities and in some cases publication.