Question

1.) As such what are internal controls about, what is being controlled within a business by having internal controls?
2.) Now within a business/accounting we have our own things we control, which you're dealing with in # 1 above, but what else, what other items might a business have internal controls for and why...

Answer 1

1. internal controls are tools, instruments, rules and procedures that are adopted by the organisation to make sure that the company are moving in the desired direction if internal control is adopted within a business it can safeguard the Assets of the company it can also ensure the true and fair view of financial statements and also prevents and identify fraudulent activities in the organisation good governance is ensure by following corporate governance principles like transparency accountability and responsibility
2. Internal control plays a vital role in the progress of organisation apart from the above mentioned a company can control cost if it is reduce the cost it can improve the profit are revenue and cost reduction will also improve profit physical security for safeguarding assets using security cameras allotting right person for the right job will ensure saving the cost and time conduct of audit regularly supervision of staff etc