ACCA SBL Syllabus F. Organisational Control And Audit - Objectives of Internal Control - Notes 1 / 7
General objectives of internal control
To ensure the orderly and efficient conduct of business in respect of systems being in place and fully implemented.
To safeguard the assets of the business. Assets include tangibles and intangibles
To prevent and detect fraud
To ensure the c ompleteness and a ccuracy of accounting records.
To ensure the t imely preparation of financial information
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Internal controls can be at the strategic or operational level.
At the strategic level, controls are aimed at ensuring that the organisation ‘does the right things’;
at the operational level, controls are aimed at ensuring that the organisation ‘does things right’.