By Bevin Fitzsimons
Why internal control?
- Internal control systems are normal in business and society and will be expected of you by your staff, fellow owners, parents, board members, bankers and financiers.
- They help establish a climate of good control which produces reliable financial records, good management and planning, and lead to successful Ministry of Educaiton and annual external audits.
- They protect your service from the risks and stress of chaos, litigation or closure that can result from major errors or fraud.
- They give you reliable regular management information.
Internal control systems are best practice systems where the people involved in the entity - the staff, managers, owner, trustees, and directors together agree on, establish and operate systems to achieve the results they desire through:
- ensuring best practice in all aspects of their work (not just financial),
- reducing the chances of errors and fraud, and
- quickly picking up actions that might lead to less than best practice ways of working.
And, best practices required by law are also included, e.g. employment law, etc.
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