Abstract
Knowledge is not synonymous with reliable financial reporting and to the proper management of exposure, but it is a basic ingredient of both. Without knowledge we will not be able to reconcile accounts, comply with regulations, or find a solution in controlling the risks we are taking — unless we stumble on it. Without timely and accurate information, the board, the CEO, and senior management will not be in a position to steer the company towards the right course.
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© 2001 Dimitris N. Chorafas
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Chorafas, D.N. (2001). What is Meant by ‘Internal Control’?. In: Implementing and Auditing the Internal Control System. Palgrave Macmillan, London. https://doi.org/10.1057/9780230597860_2
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DOI: https://doi.org/10.1057/9780230597860_2
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-42552-5
Online ISBN: 978-0-230-59786-0
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