Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.
Internal control is all of the policies and procedures management uses to achieve the following goals.
Hence, Internal controls are concerned with safeguarding assets.
Standard deviation measures total risk in stocks.
The tax that is paid to a third party is Indirect tax.
The primary purpose of life insurance is to provide financial protection to surviving dependents after the death of an insured.
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