Internal Controls: Ensuring Organizational Efficiency and Compliance

Internal controls refer to the measures instituted by an organization so as to ensure attainment of the entity’s objectives, goals and missions. They are a set of policies and procedures adopted by an entity in ensuring that an organization’s transactions are processed in the appropriate manner to avoid waste, theft and misuse of organization resources. Internal controls are processes designed and affected by those charged with governance, Management, and other personnel to provide reasonable assurance about the achievement of an entity’s objectives with regard to reliability of the financial reporting, effectiveness and efficiency of operations and compliance with applicable laws and regulations (Ejoh & Ejom, 2014).It also help banks to ensure

1.8 Definitions of terms of the study

Internal control is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.

Internal control system is Internal controls encompass a set of rules, policies, and procedures an organization implements to provide reasonable assurance that, its financial reports are reliable, its operations are effective and efficient, and its activities comply with applicable laws and regulations.

Internal control procedure It is essential that effective internal controls exist throughout departments, faculties, institutions and the University to: safeguard University assets, prevent and detect errors and fraud, protect the interests of the staff and help to ensure the accuracy of accounting records

Internal control Audit is The Internal Audit function is responsible for providing an independent appraisal of the University's activities, both financial and