Internal controls are the means by which an organization conducts its business in an orderly manner and safeguards assets and resources.
A good system of controls will help deter and detect errors, fraud, and theft; ensure the accuracy and completeness of accounting data;
and produce reliable and timely financial and management information.
It is a means by which an organization's resources are directed, monitored, and measured, both internally and externally.
Most of the remaining topics in this module are all elements of a good internal system of controls.