Internal control definition
Internal control means a process effected by an entity's governing board, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
Internal control means the systems of control devised by management to ensure that the council’s objectives and management policies are achieved and adhered to in a manner that promotes the economy, efficiency and effectiveness on the use of resources, that financial and other records are reliable and complete and that the councils assets and interests are safeguarded;
Internal control means a set of systems to ensure that financial and other records are reliable and complete and which ensure adherence to the entity's management policies, the orderly and efficient conduct of the entity, and the proper recording and safeguarding of assets and resources;
Examples of Internal control in a sentence
Internal control procedures for receipts, disbursements, purchases, payroll, inventory, and fixed assets.
Internal control procedures implemented by the Concessionaire shall be adequate to ensure that all gross receipts are accounted for and recorded.
Internal control over financial reporting also can be circumvented by collusion or improper management override.
Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures.
Internal control over cash, real and personal property, and other assets.
More Definitions of Internal control
Internal control means a process effected by those charged with governance, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
Internal control means the methods adopted within an entity—
Internal control means the methods adopted within Government:
Internal control means a set of systems to ensure that financial and other records are accurate, reliable, complete and ensure adherence to the management policies of a Ministry, department or other agency of the Government, the orderly and efficient conduct of the Ministry, department or agency, and the proper recording and safeguarding of its assets and resources;
Internal control means a process designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
Internal control in relation to a Scheme, means –
Internal control. Each Group Company has devised and maintained a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed and access to assets is permitted only in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of periodic financial statements and to maintain accountability for assets; and (iii) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.