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Financial Internal Controls

oboloo Glossary

Financial Internal Controls

Financial internal controls are an integral part of any business. They are the policies and procedures designed to ensure the accuracy and reliability of financial information, protect the company’s assets, and promote compliance with applicable laws and regulations. The goal is to achieve sound stewardship over a company’s resources by creating clear expectations, reinforcing accountability, and providing visibility into areas of potential risk. With strong financial internal controls in place, organizations can more easily identify and resolve issues, maintain accurate records, and prevent fraud or other mismanagement of resources.

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