What is Internal Financial Controls
Internal financial controls mean policies and procedures adopted by the company for ensuring:
• Orderly and efficient conduct of its business, including adherence to the company’s policy and procedure.
• Safeguarding to of company’s assets.
• Prevention and detection of frauds and errors
• Accuracy and completeness of accounting records and
• Timely preparation of reliable financial information
It includes policies and procedures adopted by the company for ensuring the orderly and efficient conduct of business, including regulatory compliance and prevention and detection of frauds and errors.
Internal control = internal control over financial reporting + operational control reporting + fraud prevention reporting.