What is Meant by ‘Internal Control’?

Dimitris N. Chorafas

Chapter 2 in Implementing and Auditing the Internal Control System, 2001, pp 28-53 from Palgrave Macmillan

Abstract: Abstract Knowledge is not synonymous with reliable financial reporting and to the proper management of exposure, but it is a basic ingredient of both. Without knowledge we will not be able to reconcile accounts, comply with regulations, or find a solution in controlling the risks we are taking — unless we stumble on it. Without timely and accurate information, the board, the CEO, and senior management will not be in a position to steer the company towards the right course.

Keywords: Internal Control; Credit Risk; Senior Management; Operational Risk; European Central Bank (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59786-0_2

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DOI: 10.1057/9780230597860_2

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