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Internal Control
Internal Control
A process, effected by the management and other personnel of an entity, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: (i) effectiveness and efficiency of operations and programs, (ii) reliability of information and financial reporting, and (iii) compliance with applicable laws and regulations. (JFMIP Framework). According to GAO, internal control is a plan of organization, methods, and procedures adopted by management to ensure that (1) resource use is consistent with laws, regulations, and policies; (2) resources are safeguarded against waste, loss, and misuse; and (3) reliable data are contained, maintained, and fairly disclosed in reports. (GAO) HUDCAPS Core Financial System Standard Accounting Interface, dated 9/30/97
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