...What is internal control? Why is internal control important in organizations? Internal controls are processes established by a business or organizations board of directors, management and other personnel to provide reasonable assurance for that businesses objectives in effectiveness and efficiency, reliability of financial reports and compliance with laws and regulations. Internal controls are used to safeguard businesses assets. They help a to establish guidelines within a business and makes sure that everyone within that business follows those guidelines and procedures. Internal controls are important because without them a business would be more susceptible to fraud. Internal controls are used to prevent people from stealing from a business and to make sure all the rules are followed. Feedback: Internal control is a system of policies and procedures designed to help an organization run more efficiently and effectively. Without strong internal control, an organization is much more susceptible to various forms of risk which can compromise its operations and its financial reporting. What are the four basic purposes of internal control? Give an example of each one. The first purpose of internal controls is to safeguard assets. Internal controls should protect your assets such as cash. One internal control that helps with protection of assets is the segregation of duties, another is sequential numbering of checks or locking checks in a safe place. The second purpose is to ensure...
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...RETHINKING THE EAST ASIAN MIRACLE JOSEPH E. STIGLITZ AND SHAHID YUSUF Editors RETHINKING THE EAST ASIA MIRACLE JOSEPH E. STIGLITZ AND SHAHID YUSUF Editors A copublication of the World Bank and Oxford University Press i Oxford University Press Oxford • New York • Athens • Auckland • Bangkok • Bogotá • Buenos Aires • Calcutta • Cape Town • Chennai • Dar es Salaam • Delhi • Florence • Hong Kong • Istanbul • Karachi • Kuala Lumpur • Madrid • Melbourne • Mexico City • Mumbai • Nairobi • Paris • São Paulo • Singapore • Taipei • Tokyo • Toronto • Warsaw and associated companies in Berlin • Ibadan © 2001 The International Bank for Reconstruction and Development / The World Bank 1818 H Street, N.W., Washington, D.C. 20433, USA Published by Oxford University Press, Inc. 198 Madison Avenue, New York, N.Y. 10016 Oxford is a registered trademark of Oxford University Press. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press. Cover design and interior design by Naylor Design, Washington, D.C. Manufactured in the United States of America First printing June 2001 1 2 3 4 04 03 02 01 The findings, interpretations, and conclusions expressed in this study are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations...
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