Credit: Nuthawut/Adobe Stock The Importance of Companies Establishing Strong Internal Controls
Internal controls are the rules, mechanisms, and procedures a company implements to ensure the integrity of its financial and accounting information, promote accountability, and prevent and detect fraud. Internal controls can help companies operate more efficiently, improve the accuracy and timeliness of financial reporting and assist companies in complying with laws and regulations.
May 04, 2023 at 11:06 AM
7 minute read
The exhilaration of witnessing a company's growth and success, fueled by the tireless dedication of management and employees, is undeniable. As rewarding as that may be, it can be equally tragic when a company falters or the endeavor fails, often stemming from unreliable financial reporting or fraudulent activities due to weak or absent internal controls.
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