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Importance Of Internal Control Design And Its Implications
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Design of internal control is a critical phase for overall cost-effectiveness of internal control,
because internal control affects the process continuously.
Correction of poorly designed internal control can prove hard because,
once built, a process and its internal control are intertwined.
No organization nowadays can afford ineffective and inefficient internal control.
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A careful concurrent design of both process itself and its internal control is
a prerequisite of effective and efficient internal control.
The designer should identify what are right things to do in the process
and what are the risks affecting them.
He/she should design internal control that supports doing those right things
efficiently and respecting rules.
In addition, in order to know whether this is the case or not he/she should identify
key control information describing attainment of the aforementioned objectives
and find a way to obtain that information.
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