Internal Controls

Internal controls come with costs and benefits, and this article elaborates on ‘Benefits and Costs of Internal Controls’.

This article is made as a detailed explanation and elaboration on ‘Key Considerations In Developing Internal Controls’.

The activity-level controls. An organization consists of various departments and each department comprises of various sub-departments or units.

Entity-level controls are high-level controls designed and implemented by the management. Endorsed by the board of directors of the organization.

Organizational hierarchy of internal controls. An organization is created to achieve desirable outcomes by the specific needs of the shareholders.