Answer to Question #79112 in Finance for Owen Marsden

Question

Describe a process by which you would develop modifications to procedures to facilitate internal controls.

Answer 1

Controls can be evaluated and improved to make a business operation run more effectively and efficiently. For example, automating controls that are manual in nature can save costs and improve transaction processing. If the internal control system is thought of by executives as only a means of preventing fraud and complying with laws and regulations, an important opportunity may be missed. Internal controls can also be used to systematically improve businesses, particularly in regard to effectiveness and efficiency.
Source:
https://en.m.wikipedia.org/wiki/Internal_control