Internal controls are methods or procedures adopted in a business to: -Assist in achieving the businesses' objectives - Ensure financial information is correct and reliable - Ensure cooperation with all operational and financial requirements - Protect its Assets They are essentially checks and balances within a business. It's objective is to reduce errors, limit financial losses and prevent fraud. They also segregate duties within the company and limit one persons control over an entire area. …showed first 75 words of 1161 total…

…showed last 75 words of 1161 total…and will help in seeing any credit short-falls. All businesses need a good internal control system as they are needed to promote the use of assets, protect staff and resources and communicate and educate staff. They have a positive place within any business and I strongly encourage you to set a good system of internal controls as it will save Millenium Land Developers and help it get through the slump of the real estate market.