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Internal Control System
(PDF) EFFECTS OF INTERNAL CONTROL SYSTEMS ON FINANCIAL PERFORMANCE | Eric Obeng - lamirada.info
Internal controls system includes a set of rules, policies, and procedures an organization implements to provide direction, increase efficiency and strengthen adherence to policies. These are important for achieving the business objective. The internal control structure of a company consists of the policies and procedures established to provide reasonable assurance that specific entity objectives will be achieved. In small business organizations, generally, the owner-manager controls the total activities of his business by his personal supervision and direct participation. He himself gives the appointment of employees, completes the contract with them through discussion and also keeps, constant watch over their activities.
Internal Controls on an Accounting Information System
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In: Business and Management. The reason being that the control systems in any organization is a pillar for an efficient accounting system. The need for the internal control systems in the organizations, especially banks, cannot be undermined, due to the fact that the banking sector, which has a crucial role to play in the economic development of a nation is now being characterized by macro economic instability, slow growth in real economic activities, corruption and the risk of fraud. Fraud, which is the major reason for setting up on internal control system, has become a great pain in the neck of many Nigerian bank managers. Fraud is really eating deep into the Nigerian banking system and that any bank with a weak internal control system, is dangerously exposed to bank fraud.