Internal controls are methods or procedures adopted in a business to: -Assist in achieving the businesses' objectives - Ensure financial information is correct and reliable - Ensure cooperation with all operational and financial requirements - Protect its Assets They are essentially checks and balances within a business. It's objective is to reduce errors, limit financial losses and prevent fraud. They also segregate duties within the company and limit one persons control over an entire area. …
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showed last 75 words of 1161 total
…and will help in seeing any credit short-falls. All businesses need a good internal control system as they are needed to promote the use of assets, protect staff and resources and communicate and educate staff. They have a positive place within any business and I strongly encourage you to set a good system of internal controls as it will save Millenium Land Developers and help it get through the slump of the real estate market.