Risk Management and Compliance

Internal Controls

The subject of Internal Controls involves the processes and procedures implemented by an organization to ensure the accuracy and reliability of its financial reporting, safeguard assets, prevent fraud, and ensure compliance with applicable laws and regulations. It encompasses a variety of measures, including policies, practices, and controls designed to detect and prevent errors or irregularities, and it aims to promote operational efficiency and effectiveness. Learning about internal controls equips individuals with the knowledge to design and evaluate these controls, understand their importance in corporate governance, and apply frameworks like COSO to systematically assess the effectiveness of an organization's control environment.