Why This Matters
Internal controls are the mechanisms through which an organisation can have confidence in its financial data. Without adequate controls, financial reports may contain errors that go undetected, data may be manipulated intentionally or unintentionally, and the organisation may face regulatory or audit findings that damage its credibility. A well-controlled reporting environment gives management, auditors, and other stakeholders justified confidence that reported figures accurately represent the underlying business reality.
Where This Fits
This term sits within the Data Governance & AI Readiness area of Performance & Control.