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Published in:
2001 | OriginalPaper | Chapter
What is Meant by ‘Internal Control’?
Author : Dimitris N. Chorafas
Published in: Implementing and Auditing the Internal Control System
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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Knowledge is not synonymous with reliable financial reporting and to the proper management of exposure, but it is a basic ingredient of both. Without knowledge we will not be able to reconcile accounts, comply with regulations, or find a solution in controlling the risks we are taking — unless we stumble on it. Without timely and accurate information, the board, the CEO, and senior management will not be in a position to steer the company towards the right course.