Definitions for internal control
in·ter·nal con·trol

Princeton's WordNetRate this definition:0.0 / 0 votes

1. internal controlnoun

   an accounting procedure or system designed to promote efficiency or assure the implementation of a policy or safeguard assets or avoid fraud and error etc.

ChatGPTRate this definition:0.0 / 0 votes

1. internal control

   Internal control refers to a systematic process implemented by an organization's management and board of directors to manage risks, ensure the reliability of financial reporting, compliance with laws and regulations, and the effectiveness and efficiency of operations. It involves a series of procedures and measures designed to help identify and manage an organization's operational, financial, and compliance risks. It includes various checks and balances, segregation of duties, and reviews of operating performance.

WikidataRate this definition:0.0 / 0 votes

1. Internal control

   In accounting and auditing, internal control is defined as a process affected by an organization's structure, work and authority flows, people and management information systems, designed to help the organization accomplish specific goals or objectives. It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in preventing and detecting fraud and protecting the organization's resources, both physical and intangible. At the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations. At the specific transaction level, internal control refers to the actions taken to achieve a specific objective Internal control procedures reduce process variation, leading to more predictable outcomes. Internal control is a key element of the Foreign Corrupt Practices Act of 1977 and the Sarbanes–Oxley Act of 2002, which required improvements in internal control in United States public corporations. Internal controls within business entities are also referred to as operational controls.

Matched Categories

1. • Accounting
   • Control

How to pronounce internal control?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say internal control in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of internal control in Chaldean Numerology is: 3

2. Pythagorean Numerology

   The numerical value of internal control in Pythagorean Numerology is: 1

Examples of internal control in a Sentence

1. State Auditor Charlie Janssen:

   There appears to be a lack of internal control with the prescription drugs.

2. European Securities and Markets Authority:

   Wei Benhua may not have appropriately performed his role as independent non-executive director as required by the Credit Rating Agency Regulation, since he had limited interaction with the internal control functions.

3. Nam Sung-Wook:

   As there is little chance for Kim to get sanctions relief within this year, he would view boosting his internal control as more important because he would think his grip on power might be shaken at a time when he’s facing other domestic difficulties.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=internal control
2. ^ ChatGPT
   https://chat.openai.com
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=internal control