From the course: Accounting Foundations: Internal Controls
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The control environment
From the course: Accounting Foundations: Internal Controls
The control environment
- A company's management bears the responsibility for establishing and maintaining the internal control structure in the company. If top management is serious about making sure that things are done properly and in a transparent fashion, then good internal controls will be put in place. If top management is intent on cutting ethical corners, well, no set of formal written procedures will make any difference because the tone starts at the top. Now, most companies have the following five concerns in mind when they are designing internal controls: one, to provide accurate accounting records, two, to safeguard assets and records, three, to effectively and efficiently run operations, four, to follow established management policies and five, to comply with government regulation. A company's control environment consists of the actions, policies and procedures that reflect the overall attitudes of top management, the directors and the…
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