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Definition of "System Of Internal Control" |
A system of internal control refers to the process by which organizations maintain environments that encourage incorruptibility and deter fraudulent activities by management and employees. An organization’s components of internal control are evaluated during the planning phase of an independent financial statement audit. The results of the evaluation directly influence the auditor’s level of detailed testing. To reduce detailed testing, and perhaps the audit fee, organizations implement common features of a proper internal control system. |
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