Internal control refers to a system of ensuring achievement of organization’s goals and objectives in a reliable and accurate financial reporting, operational efficiency and effectiveness, as well as adequate compliance with the rules, laws, procedures, regulations and policies. Internal controls ensure that the integrity of financial and accounting information as well as profitability and operational targets are met.
Internal control systems of an organization aim at achieving the following objectives-
- Efficiency and effectiveness of the operations
- Published financial statements are being prepared in a reliable manner
- It consists of five inter related components namely, control environment, risk assessment, control activities, information and communication and monitoring.
Is your organisation prepared for a pandemic outbreak or resilient to crisis? If no, here is your answer. Business continuity management is an approach which is effective for a company and is used by it to protect its critical business operations from being disrupted by any threats or vulnerabilities.
With the help of a BCM Consultant, a comprehensive business continuity plan can be created, maintained, tested and implemented throughout the organization. A bcm consultant also offers customized business continuity plans for different types of business organizations coping with different disasters.