Managers must control the operations of their business. A plan of internal control is designed to help management maintain control of a business and its operations. What are the key elements of a plan of internal control?

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The Answer is Internal control is defined as an organizational plan and all related measures that a business adopts to optimize the use of resources, prevent and detect error and fraud, safeguard assets and records, and ensure accurate and reliable accounting records.

Managers Must Control the Operations of Their Business