Internal Controls – What are they and are they important?
Ans (Rika from Affinitas)
Internal controls are systems that you have in place to run the business, these are things like checking receipts to bank transactions, checking correct GST is claimed, etc.
These are very important as they not only ensure you’re recording things correctly but also help with picking up any fraudulent activity such as theft. Make sure you review your internal controls regularly to to keep them up to date.
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