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Internal Controls

Internal controls are the processes a company implements to safeguard its assets, ensure accurate financial reporting, and promote compliance with regulations. Think of them as a behind-the-scenes system of checks and balances. They can include things like segregation of duties (preventing one person from handling both cash and accounting), approval processes, and regular audits. Effective internal controls minimize errors, prevent fraud, and give stakeholders confidence in the company’s financial health.

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