- Accounting Control
- Methods and procedures that are implemented by a firm to help ensure the validity and accuracy of its own financial statements. The accounting controls do not ensure compliance with laws and regulations, but rather are designed to help a company comply.
An example of an accounting control would be limiting management’s involvement in the preparation of financial statements. Sometimes it is helpful for management to be involved, since they generally know the company better than anyone. But final say on numbers should be in the hands of an accountant, because management may have incentive to distort numbers to inflate the company's performance.
Investment dictionary. Academic. 2012.
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