Why is it important for businesses to have internal controls in place?
Internal controls provide protection against error and fraud as well as safeguard assets. In addition, with a good internal control system in place, businesses can effectively communicate expectations to employees which in turn improves overall performance, efficiency, and accountability.
What are some basic internal controls businesses can put in place to ensure they are protected?
Employing these basic internal controls will help businesses identify irregularities, run more efficiently, and possibly detect fraudulent activity.
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