Question

6. A number of checks and controls exercised in a business to ensure its efficient working is known as
A) Internal check,
B) Internal control.
C) Internal audit,
F
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D) Interim check.​

Answer 1

Answer:

ANSWER D: interim check.

Explanation:

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Answer 2

Answer:

The correct Option is (B) Internal Control.

Explanation:

Internal Control

• Internal controls are the systems, guidelines, and practises that a business uses to guarantee the accuracy of its financial and accounting data, foster accountability, and thwart fraud.
• Internal controls can help increase operational efficiency by enhancing the accuracy and timeliness of financial reporting, in addition to helping organisations comply with laws and regulations and stop employees from stealing property or committing fraud.
• Since the Sarbanes-Oxley Act of 2002 rendered managers legally liable for the accuracy of the company's financial statements, internal audits are essential to a company's internal controls and corporate governance.

The importance of internal controls

Internal controls are the systems, guidelines, and practices that a business uses to guarantee the accuracy of its financial and accounting data, foster accountability, and thwart fraud. Internal controls can help increase operational efficiency by enhancing the accuracy and timeliness of financial reporting, in addition to helping organisations comply with laws and regulations and stop employees from stealing property or committing fraud.

Hence, we can conclude that A number of checks and controls exercised in a business to ensure its efficient working is known as Internal Control.

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