Question

For which organizations internal check is suitable

Answer 1

Answer:

An internal check has been defined by The Institute of Chattered Accountants of England and Wales as the checks on a day to day transaction which operate Countinously as part of the routine system where the work of one person is proved independently or in complementary to the work of another object.

Answer 2

Internal control is a procedure for ensuring that an organization's objectives in operational effectiveness and efficiency, accurate financial reporting, and compliance with laws, rules, and policies are met, according to the definitions of accounting and auditing.

It should be used by organisations whose work requires high amounts of precision and they can't afford to make any mistakes. This is because it is best used in order to prevent errors, frauds, and irregularities, as well as to identify errors and frauds. It is implied by such an accounting system that no single person handles a transaction from beginning to end. Instead, the work of one person is automatically checked by another.

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