A number of checks and controls exercised in a business to ensure its efficient working are known as...........

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A number of checks and controls exercised in a business to ensure its efficient working are known as ________.

Internal Check

Internal Control

Internal Audit

Interim Check

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Explanation:

- Internal Check: This is the assignment of staff duties in such a way that no one person completes a task from start to finish. It aims to prevent errors and fraud by applying a system of checks by other staff members as part of routine work.

- Internal Control: This is a comprehensive system encompassing methods, procedures, and measures implemented by a business to safeguard its assets, enhance accuracy in financial records, improve efficiency, and ensure adherence to laws and company policies. This includes both preventative and detective controls.

- Internal Audit: This involves an independent assessment within the organization to evaluate how effectively internal controls are working. It provides management with valuable insights into company operations and identifies areas of improvement.

- Interim Check: These are audits or assessments conducted at intervals throughout the financial year, aiming to provide a timely review of financial states and performance, identifying any discrepancies or issues early.