ECONOMICS

Detailed explanation-1: -The primary purpose of internal controls is to help safeguard an organization and further its objectives. Internal controls function to minimize risks and protect assets, ensure accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws.

Detailed explanation-2: -An internal control system consists of the policies and procedures that companies use to protect assets, ensure reliable accounting, promote efficient operations, and uphold company policies.

Detailed explanation-3: -The seven internal control procedures are separation of duties, access controls, physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authority.

Detailed explanation-4: -Internal controls are policies, procedures, and technical safeguards that protect an organization’s assets by preventing errors and inappropriate actions. Internal controls fall into three broad categories: detective, preventative, and corrective.

Detailed explanation-5: -Internal controls are the policies and procedures that the business has implemented to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies.