Internal Control over Financial Reporting

Internal Control over Financial Reporting refers to the processes and procedures a company implements to ensure its financial statements are accurate, complete, and reliable. These controls help prevent and detect errors or fraud, ensuring that the company’s financial information reflects its true financial position. Effective internal controls include checks and balances like approvals, reconciliations, and audits, which promote transparency and accountability. Overall, they help protect the company’s assets and provide confidence to investors, regulators, and stakeholders that the financial reports are trustworthy.