Question

What do you mean by internal control? Differentiate between internal control and internal check?

Answer 1

INTERNAL CONTROL

Internal controls are the systems, tenets and methodologies actualized by an organization to guarantee the honesty of budgetary and bookkeeping data, advance responsibility and avert extortion. It is sum of all processes.

• Internal control is to follow policies and objectives
• Internal check is to prevent errors and to check all responsibilities.