internal control system

A system of controls, both financial and non-financial, set up by the management of a company to carry out the business of the company in an orderly and efficient manner. The system should ensure that management policies are adhered to, assets are safeguarded, and the records of the company's activities are both complete and accurate. The individual components of an internal control system are the individual internal controls.

Big dictionary of business and management. 2014.

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  • internal control system — A system of controls, both financial and non financial, set up by the management of a company to carry out the business of the company in an orderly and efficient manner. The system should ensure that management policies are adhered to, assets… …   Accounting dictionary

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  • internal control — noun an accounting procedure or system designed to promote efficiency or assure the implementation of a policy or safeguard assets or avoid fraud and error etc. • Topics: ↑accounting • Hypernyms: ↑control • Hyponyms: ↑inventory control,… …   Useful english dictionary

  • internal control — /ɪnˌtɜ:n(ə)l kən trəυl/ noun a system set up by the management of a company to monitor and control the company’s activities …   Dictionary of banking and finance

  • emission-control system — ▪ automotive technology       in automotive engineering, means employed to limit the discharge of noxious gases from the internal combustion engine. There are four main sources of these gases: the engine exhaust, the crankcase, the fuel tank, and …   Universalium

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