Internal check refers to the systematic review of transactions within an organization to ensure accuracy and prevent errors or fraud, typically involving the segregation of duties among employees. In contrast, internal control encompasses a broader framework of policies and procedures designed to safeguard assets, ensure financial reporting integrity, and promote compliance with laws and regulations. While internal check focuses specifically on transaction verification, internal control includes various mechanisms, including risk management and operational efficiency. Both are essential for effective organizational governance but serve different purposes.
Distinguish between internal audit and internal control.
difference between feedback and control
An audit is performed by an outside party; a control is exercised by an internal party. A control provides assurance to management, while an audit provides assurance to outside investors.
The main difference is their governments. The colonies were governed by a foreign power. Protectorates had their own internal government but were under the control of an outside power.
Difference between control process and process control is that system control process is typically the large scale version of where process control is used.
ØInternal control •Allows motivated individuals and groups to exercise self-discipline in fulfilling job expectations. ØExternal control •Occurs through personal supervision and the use of formal administrative systems.
Internal check can be defined as the checks on day to day transactions which is a part of routine system where by the work of one person is proved or complementary work to another. The object being the prevention or earlier detection of error or fraud
Their is no Difference
Define staregic control and financial control
An internal variable will change due to computations in the program module. An externalvariable will change due to other changes (external input).
Explain the difference between capability and control.
differentiate coordination and control