What are the objectives of the entity behind the imposition of controls? Benefits of Understanding of Internal Control? Limitations of Internal Control?

Internal Controls are the policies and procedures that a company implements to ensure efficiency of business operations, reliability of financial reporting, compliance with laws & regulations, safeguarding of assets and prevention of frauds. Objectives of Internal Control A. Transactions are executed in accordance with management’s general or specific authorization; B. all transactions are promptly recorded…...