🔒Internal control systems prevent theft and losses, safeguard assets, and optimize operations.
📊They also facilitate financial reporting and ensure reliability, timeliness, and transparency.
📜Internal control systems aim to achieve compliance with laws and regulations set by governing bodies.
🌐The Committee of Sponsoring Organizations (COSO) established an integrated framework for internal controls.
🔍Risk assessment, control activities, information and communication, and monitoring are essential components of internal control systems.