Internal Control Has Become a Very Important Focus for Publicly

question 37

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.
Objectives of internal control include:
1.reliability,timeliness,and transparency of internal and external,nonfinancial and financial reporting,
2.effectiveness and efficiency of operations,including safeguarding of assets,and
3.compliance with applicable laws and regulations.

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Definitions:

Persuasive Authority

Legal sources that a court can consult for guidance but are not binding, such as decisions from other jurisdictions or legal texts.

Binding Decision

A court decision that must be followed by lower courts in the same jurisdiction in cases involving similar facts or legal issues.

Binding Precedent

A legal decision or judgment by a higher court that must be followed by lower courts in the same jurisdiction in cases with similar circumstances.

Published Decision

A judicial decision that is officially reported and made available to the public, often serving as precedent in future cases.