Internal Controls
/ɪnˈtɜrnəl kənˈtroʊlz/
Definitions
- (n.) Procedures and mechanisms implemented within an organization to ensure accuracy of financial reporting, compliance with laws and regulations, and effective risk management.
The company strengthened its internal controls to prevent fraud and ensure regulatory compliance.
Forms
- internal controls
- internal control
Related terms
See also
Commentary
Internal controls are central to legal and regulatory compliance frameworks often scrutinized in audits and litigation involving financial misstatements or fraud.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.