Internal Control Define the Term "Internal Control" and Identify the Major

question 26

Essay

Internal control Define the term "internal control" and identify the major components of an internal control system.

---

Definitions:

Common Market

An economic union of countries that allows for the free movement of goods, services, capital, and labor across member states.

Multinational Enterprise

A multinational enterprise is a company that has operations and investments beyond its home country, conducting business in multiple countries around the world.

Licensing

The process by which a licensor grants permission to a licensee to use rights, such as intellectual property rights, under agreed terms and conditions.

Visas

Official documents or endorsements placed within a passport that grant the holder permission to enter, leave, or stay in a foreign country for a specified time period.