Policies and procedures used to promote efficient company operations are known as:
A)Inventory control.
B)Internal controls.
C)Cash controls.
D)Asset controls.
E)Management controls.

Question

Quizplus · Accepted Answer

Internal controls refer to policies and procedures that a company puts in place to ensure that its operations are efficient, effective, and compliant with legal and regulatory requirements. These controls aim to safeguard the company's assets, prevent fraud and errors, and provide reliable and accurate financial information. Internal controls cover areas such as accounting, finance, operations, IT, human resources, and compliance. They typically include activities such as segregation of duties, authorization and approval processes, documentation and recordkeeping, physical and logical access controls, monitoring and reporting, and risk assessment and management. By implementing strong internal controls, companies can improve their performance, reduce their risks, and enhance their reputation with stakeholders.

Policies and Procedures Used to Promote Efficient Company Operations Are