internal control

  

Definition

Systematic measures (such as reviews, checks and balances, methods and procedures) instituted by an organization to (1) conduct its business in an orderly and efficient manner, (2) safeguard its assets and resources, (3) deter and detect errors, fraud, and theft, (4) ensure accuracy and completeness of its accounting data, (5) produce reliable and timely financial and management information, and (6) ensure adherence to its policies and plans.

Use internal control in a sentence

  • You need to have great internal control over your business so that you always know what is going on in every department.

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  • There was not enough internal control in the business and there was a lot of chaos going on and a lot of people were fired.

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  • You need to always have good internal control at your workplace so that you know everyone is doing things right.

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