#ICAB#Certificatelevel#Assurance#Chapter#05# MCQ practice korar jonno je je topic gula porte hobe

Internal control:
Internal control: ‘Internal control is the process designed and effected by those charged with governance,management, and other personnel to provide reasonable assurance about the achievement of the entity’sobjectives with regard to reliability of financial reporting, effectiveness and efficiency of operations andcompliance with applicable laws and regulations. It follows that internal control is designed and implementedto address identified business risks that threaten the achievement of any of these objectives
A company has various objectives: To ensure it reports its financial position correctly to shareholders To ensure that it operates effectively and efficiently To ensure that it complies with relevant laws and regulations
The reasons for internal controls can be seen in the example. They include: Minimising the company’s business risks Ensuring the continuing effective functioning of the company Ensuring the company complies with relevant laws and regulations
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