Internal control definition

Internal control means a process effected by an entity's governing board, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

Internal control means a set of systems to ensure that financial and other records are reliable and complete and which ensure adherence to the entity's management policies, the orderly and efficient conduct of the entity, and the proper recording and safeguarding of assets and resources;

Internal control means the systems of control devised by management to ensure that the council’s objectives and management policies are achieved and adhered to in a manner that promotes the economy, efficiency and effectiveness on the use of resources, that financial and other records are reliable and complete and that the councils assets and interests are safeguarded;

Examples of Internal control in a sentence

• Internal control is designed to provide reasonable, but not absolute, assurance that these objectives are met.

• Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures.

• Internal control over financial reporting also can be circumvented by collusion or improper management override.

• Internal control systems and procedures will be subject to regular audits to provide assurance that they are effective in countering bribery and corruption.

• Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

More Definitions of Internal control

Internal control means a process effected by those charged with governance, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

Internal control. , in relation to a Scheme, means –

Internal control means the methods adopted within an entity—

Internal control means a process designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

Internal control means a set of systems to ensure that financial and other records are accurate, reliable, complete and ensure adherence to the management policies of a Ministry, department or other agency of the Government, the orderly and efficient conduct of the Ministry, department or agency, and the proper recording and safeguarding of its assets and resources;

Internal control means a process designed and effected by the Board of Directors, senior management, and all levels of personnel to provide reasonable assurance on the achievement of objectives through efficient and effective operations, reliable, complete, and timely financial and management information, and compliance with applicable laws, regulations, and the Corporation’s policies and procedures.

Internal control. Each Group Company has devised and maintained a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed and access to assets is permitted only in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of periodic financial statements and to maintain accountability for assets; and (iii) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.