What is internal control?
submitted by Jaws

K. Smith

An internal control is some procedure a company puts in place to make sure everything runs smoothly. It's meant to protect assets. It's also there to make sure financials are accurate and honest. It's like a safety net to catch mistakes or fraud

Billiam

Internal controls are the policies / procedures that management puts in place to stop fraud and help avoid big accounting mistakes that will get them in tax trouble.

Sarah

It's basically the stuff a business does to keep its money safe and make sure nobody cheats or messes up the books. Like passwords, audits, and supervision.