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What are Internal Controls Used to Protect as Per Law

The primary purpose of internal controls is to help safeguard an organization and further its objectives. Internal controls function to minimize risks and protect assets, ensure accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws.

What are the Internal Control Strategies as Per Law

There are four possible strategies for dealing with risk when implementing internal control: avoid risk, reduce risk, transfer or share risk, and accept risk.

What are Preventive Internal Controls as Per Law

Preventive controls aim to decrease the chance of errors and fraud before they occur, and often revolve around the concept of separation of duties. From a quality standpoint, preventive controls are essential because they are proactive and focused on quality.

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