This week: keeping a controlled environment

The Lowdown- Tips for SMEs

Cormac Fitzgerald
Cormac Fitzgerald

Internal control is the system of checks and balances that protect a company’s assets and ensure its financial information is accurate and reliable.

It refers to the control environment and to procedures designed to ensure reliable financial reporting, efficient operations, legal compliance and risk assessment of material mis-statement.

It is crucial to have the necessary systems in place to safeguard assets, prevent and detect fraud and error.

Ensuring the accuracy and completeness of ...