Answer to Question #78976 in Accounting for Owen Marsden

Question

The board is concerned about the internal control procedures currently in place. Why is it important that these be reviewed and, if necessary, modifications made?

Answer 1

Revision of internal control procedures with a view to its improvement will facilitate timely detection and prevention of negative production and financial trends in the economic system, as well as a necessary prerequisite for effective counteraction to risky operations, reduction transaction costs in the company.