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Erschienen in:
2023 | OriginalPaper | Buchkapitel
11. Internal Control System Also for Family Companies: the Basis for Proper Management?!
verfasst von : Annette Beller, Vanessa Muellner
Erschienen in: Financial Management of Family Businesses
Verlag: Springer Fachmedien Wiesbaden
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Abstract
While the term ‘compliance’ can be described as adherence to legal regulations and generally accepted rules, it is the task of the internal control system (ICS) to help ensure this. However, the ICS goes further, because compliance with internal guidelines is also to be ensured through the establishment of an ICS. An ICS provides sufficient security for the management and contains the procedures, methods and measures defined by the company. The aim is to ensure the effectiveness of business processes, the accuracy of financial reporting and compliance with laws and directives.