What is internal control?
-Internal control is a process,affectedby an entity's board of directors, management,and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations,reporting, and compliance.
Source:Committee of Sponsoring Organisation (COSO) of the Treadway Commission
-Control is any action taken by management,the board and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved.Management plans,organises and directs the performance of sufficient actions to provide reasonable assurance that objectives and goals will be achieved.
Source: institute of internal auditors(IIA) International Professional Practices Framework (IPPF)
Internal control measures are those methods and procedures which have been accepted by management's goals to ensure that the business of the entity is properly conducted in an orderly and efficient manner.
Source: South Africa Institute of Chartered Accountant (SAICA)