In this Cerini Short, Nicholle Mezier, CPA, Manager explains Internal Controls.
WHAT ARE INTERNAL CONTROLS? WHY DO WE NEED THEM?
Internal controls are one of the most essential elements within any organization. Internal controls are put in place to enable organizations to achieve their goals and missions. Management is responsible for the design, implementation, and maintenance of all internal controls, while the Board is responsible for the oversight of the control environment. Strong internal controls allow for three main objectives: accurate and reliable financial reporting, compliance with laws and regulations, and effectiveness and efficiency of the organizations operations.