Accounting Control
Barron's Accounting Dictionary:
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Accounting Control
Procedures used to assure accuracy in the record keeping function. Controls exist to make certain source data placed in the system are proper and correct.
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Accounting Control
Investopedia Financial Dictionary:
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Accounting Control
Methods and procedures that are implemented by a firm to help ensure the validity and accuracy of its own financial statements. The accounting controls do not ensure compliance with laws and regulations, but rather are designed to help a company comply.
Investopedia Says:
An example of an accounting control would be limiting management’s involvement in the preparation of financial statements. Sometimes it is helpful for management to be involved, since they generally know the company better than anyone. But final say on numbers should be in the hands of an accountant, because management may have incentive to distort numbers to inflate the company's performance.
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Barron's Accounting Dictionary
Dictionary of Accounting Terms. Copyright © 2010 by Barron's Educational Series, Inc. All rights reserved.
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