Internal Control Assessment

Internal Control Assessment is the process organizations use to evaluate their procedures and systems designed to ensure accurate financial reporting, safeguard assets, and promote operational efficiency. It involves reviewing policies, practices, and controls to identify weaknesses or risks that could lead to errors or fraud. The goal is to ensure controls are effective and to implement improvements if needed, thereby supporting reliable operations and compliance with laws and regulations. Regular assessment helps organizations maintain trustworthiness and accountability in their processes.