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In a business, management is responsible for running all aspects of the entity. In theory,...

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Finance

In a business, management is responsible for running all aspects of the entity. In theory, the broad objectives for the business will be set, e.g. operating the business efficiently and effectively, the risks which threaten the objectives set will be identified, and suitable responses to the risks will be put in place. These responses will include implementing a proper information system (including proper books, records and documents), employing competent staff, and implementing policies and procedures, including sound control activities.

In your view

1.Explain, from an internal control perspective, why it is important for a company to set the objectives of all aspects of the company.

2.Define the term internal control.

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