From a financial accounting perspective, the main purposes of a system of internal control are to improve the accuracy and reliability of accounting information and to safeguard assets.

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A system of internal control is designed to achieve several objectives, including ensuring the accuracy and reliability of accounting information and protecting company assets from fraud, theft, or misuse. By implementing internal controls, a company can better ensure that financial and accounting information is complete, accurate, and timely, which is essential for decision-making purposes. Likewise, by safeguarding assets, a company can reduce the risk of financial loss and maintain its financial strength and stability. Overall, the main goal of internal controls is to help managers and stakeholders maintain confidence in the company's financial reporting and operations.

From a Financial Accounting Perspective, the Main Purposes of a System