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In the present day scenario each and every businesses formed are pacing up into large organiations. Which are eventually helping our countries to develop into a well versed global village. Considering the rate and pace of the organisation's governance has become an issue. To avoid all the issues and to have a unbaised governance structure an organisation should have a matured internal control system.
Internal controls are the standards and rules used by companies to ensure that they achieve their stated goals in the marketplace. Profitability is not only achieved through high sales and meeting consumer demand, but also from controlling costs and limiting excessive spending. Management should on a regular basis review all aspects of their company and insert internal controls that will strengthen the company and increase profitability.
Internal controls are very important in today's business environment to mitigate the risk to accepted low level.
Today's business environment is very risky and competitive. Suitable internal controls therefore play a vital role for the sucess of an organization even survival in the recession
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