Internal Controls

Internal Controls

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) stated that internal controls are “designed to provide reasonable assurance of the achievement of objectives” in the following three areas:

Compliance in Accounting: What Does it Mean and Why is it Important?

Compliance in Accounting: What Does it Mean and Why is it Important?

To ensure your financial reporting is accurate, you need to have clear processes and procedures for recording and verifying revenues, expenses, assets, and liabilities. Keeping in line with these rules is called compliance. Although there are many sources of accounts and finance regulations and laws, we’ll discuss two of the primary ones in this article.

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