CIMA P3 Syllabus C. Internal controls - Internal Controls & Risk Management - Notes 9 / 21
Internal controls cannot eliminate risk, but they can minimise it.
Internal controls help:
Safeguard the assets of the company
Prevent and detect fraud
Safeguard the investment of the shareholders
They are designed to minimise the risk of fraud and error
and will include such procedures as:
Carrying out regular reconciliations on key ledgers
Keeping assets under lock and key
Passwords and computer system security
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Syllabus C. Internal controls
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Syllabus C. Internal controls
C2. Internal controls for risk management