Internal control systems:

Question

Quizplus · Accepted Answer

Internal control systems can vary from company to company based on the nature of the industry, operations, and size of the organization. While there are certain common elements, such as separation of duties and monitoring procedures, implementation of internal control systems is not regulated universally by any governing authority such as the Securities and Exchange Commission or Canadian law. Internal control systems do not guarantee total safeguard of assets but aim to minimize the risk of errors, fraud, and other irregularities.

Internal Control Systems