Hello

I am making a presentation about internal control. I have a question about the internal control objective and its importance. Are they the same?

The objective of internal controls are as follow:

1. To promote reliability and impartiality in the production of financial reports.
2. To provide timely and easily accessible information, enabling the efficient and effective conduct of business processes.
3. To ensure the compliance of internal processes and actions in general of the objectives of strategic planning, avoiding guideline deviations.
4. To safeguard the companys assets, support risk management, and minimize any financial losses from mismanagement.

Importance of internal controls:

1. Good internal controls are essential to assuring the accomplishment of goals and objectives.
2. They provide reliable financial reporting for management decisions.
3. They ensure compliance with applicable laws and regulations to avoid the risk of public scandals.
4. Finally, help ensure efficient and effective operations that accomplish the goals of the unit and still protect employees and assets.