Beyond risks, internal control goals include the preservation of assets, account reconciliation, and compliance. Without any doubt, laws and regulations impact

on IC, whose able management requires policies, organization, technology, open communications channels, reliable information, access to all transactions, quality control, experimentation, and corrective action. e major aims of IC aims are to

Promote personnel accountability and n Keep open the arteries of corporate communications. n

e development, implementation, and proper functioning of an internal control system require the existence of clearly stated internal bylaws and directives; a rigorous sense of supervisory activity; compliance with government regulations; and an organization that is flexible, dynamic, and appreciative of the need for management control (Chapter 5). Advanced technology is required to support IC efforts.