The Accounting & Auditing blog found an interesting findings on small companies' internal control on the website. Plz follow the link from CFO.com:
( Note: pasting the link in this blog is not intended to infringe the copyright of CFO.com, but to share the knowledge with the blog' reader)
Small companies always struggling in the designation and implementation of internal controls due to:
- high cost involving in initiating internal control
- high monitoring and implementation costs
- insufficient personnel
- unfavorable cost vs benefit analysis
The benefits brought from implementing internal control by the small companies is always lesser than the costs. And yet, internal control is considered the foundation and fundamental for future organic growth.