How to Answer: In your opinion, why is it important for organizations to have effective internal controls?
Advice and answer examples written specifically for a Controller job interview.
3. In your opinion, why is it important for organizations to have effective internal controls?
How to Answer
Internal controls are rules, regulations and safeguards that an organization puts in place to ensure integrity of financial information and to prevent fraud. There are several benefits to having robust and effective internal controls, including preventing fraud/theft, improving accuracy of financial reporting, and complying with laws and regulations.
Written by Brian Schuchart on December 19th, 2020
Answer Example
"Internal controls are vital for organizations of all sizes. First and foremost, internal controls are necessary to be in compliance with all relevant laws and regulations. Additionally, strong internal controls are necessary to prevent fraud and theft by employees. Finally, strong and effective internal controls result in improved timeliness and accuracy of financial reporting, which makes for smoother audits."
Written by Brian Schuchart on December 19th, 2020