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Methods to improve internal control process

Common methods used by MNCs to improve their internal control process are.

  • Establishing a centralized database of information
  • Ensuring that all data are reported consistently among subsidiaries
  • Implementing a system that automatically checks data for unusual discrepancies relative to norms.
  • Speeding the process by which all departments and all subsidiaries have access to the data that they need.
  • Making executives more accountable for financial statements by personally verifying their accuracy.
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