Internal controls play an integral role in a business or company’s success. Too many businesses never think about internal controls until they start losing efficiency, investors demand it, or a financial disaster occurs.
What is Internal Control For?
As a business owner, you need to structure and implement strong internal controls to help you ensure the achievement of objectives in the following categories:
Characteristics of a Proper Internal Control
An effective internal control includes organizational planning and adopts system and process to fulfill the following objectives:
Here is basic internal control checklist to help you look critically into your control procedures: