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An effective internal control system manages risk and enables the creation and preservation of value which is the best defense against business failure as well as an important driver of business performance. Successful organizations know how to take advantage of opportunities and counter threats, in many instances through effective application of controls, and therefore improve their performance.
“Internal control is an integral part of an organization’s governance system and ability to manage risk, which is understood, effected, and actively monitored by the governing body, management, and other personnel to take advantage of the opportunities and to counter the threats to achieving the organization’s objectives” - IFAC on Internal Control System - June 2012.