What is Internal Control System?
Internal Control is an integrated process affecting the organisation overall, which is realised by the administration and staff of an organisation, to provide a reasonable assurance to achieve the objectives identified and accomplish the mission.
Internal Control is not only associated with the financial transaction and reporting but also it covers all of the controls of the management, the process of management, strategy and organisation’s other activities.
Internal Control in each organisation is not the same. Organisations and their controls differ according to the organisation’s structure, culture and management philosophy.