71.MEANING AND DEFINITION OF INTERNAL
CONTROL
Internal control is an important tool of management. It assists the management in the performance of its various functions. It means the builtin cross-checks in the system supplemented with proper supervision and internal audit carried out by the staff appointed by the organization These days business has been become more complex both in nature and size and the management finds it difficult to get correct information about the various aspects of the business. Internal control assures the management that the information supplied to it is reliable and accurate. The Internal controls are exercised to ensure the accuracy and the reliability of accounting data and other records, to identify weaker areas of operation
and to improve them to increase operational efficiency of the business, to safeguard its assets and to ensure orderly conduct of business.
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Auditing Broad Questions