The Importance of Good Internal Controls
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Good internal controls are essential to assuring the accomplishment of goals and objectives. They provide reliable financial reporting for management decisions. They ensure compliance with applicable laws and regulations to avoid the risk of public scandals. Poor or excessive internal controls reduce productivity, increase the complexity of processing transactions, increase the time required to process transactions and add no value to the activities.
Good internal controls help ensure efficient and effective operations that accomplish the goals of the unit and still protect employees and assets.