Internal Control Has Become a Very Important Focus for Publicly

question 73

Essay

Internal control has become a very important focus for publicly traded and privately-held companies alike. Internal control is intended to accomplish at least three objectives and consists of five components of internal control. List the three objectives and five components of internal control.

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Definitions:

Stakeholders

Individuals or groups with an interest or concern in a business, project, or endeavor, whose outcomes may affect or be affected by the actions of the business or project.

Technological Condition

The current state of technology within a specific field, industry, or society, including advancements, accessibility, and its impacts on processes or behaviours.

Web Access

The ability to connect to the World Wide Web through devices such as computers or smartphones, enabling the retrieval and exchange of information.

Facebook

A social media platform that enables users to connect, share, and communicate online.