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Internal Controls of The Business: The Fundamental Objectives

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What is the internal control?

A company’s board of directors, trustees, management, and employees, altogether, make strategical memoranda to make sure to achieve the following purposes listed down below.

  • Delivering the accurate Financial reporting
  • Well organized and productive operations
  • Adhering to all the necessary rules and regulations

The first purpose states that the firm must sort out the financial matters in an ideal manner. The second one says that the company must pay attention to meet the fundamental business objectives efficiently. The third and the last one says that the business must follow all the laws and regulations of the legal working environment.

Therefore, it is clear that the internal controls are a set of practices, rules, norms, and procedures which are affected and implemented by the entire workforce of the company to decrease the occurrence of the risks in the business model. The main aim of the internal controls is to analyze the risks and take precautionary measures to mitigate it. It is generally done so that the goal of the organization can be accomplished successfully.

Objectives of the internal audit control

The internal audit controls of the company are designed to focus each and every sector of the business and not just one or two. It will help the entire company to gain the benefits of these internal controls.

These objectives refer to the goals related to the projects or events that help to mitigate the potential risks and losses if any and bringing profit to the company. It includes all those conditions that the internal control follows in a proper way. Analyzing the risk will help in making the task easier. Have a look at these control objectives.

#1 Accuracy in the records

The responsible employee or set of employees of the company who monitor the finances and transactions made by the firm must focus on verifying the accuracy of the finances on a daily basis. A well-maintained accounting record is the foundation of a stable and ambitious company.

#2 Protect the assets of the firm

The assets of the company must not be wasted or used in an unlawful manner. The responsible employee of the company must monitor the assets regularly. Also, it is essential to inform the authorities in case of any irregularities in the record.

In addition to this, only the authorized personnel has the right to access the information and physical assets of the organization.

#3 Mitigation of the error

It is the duty of the authorized employee to address the errors faced in the process. He must report it to the higher officials. Also, it is essential to take corrective actions immediately to fix the error.

#4 Check corruption and frauds

The focus of the internal control is to keep a check on the corruptions and frauds and device plans to restrict them. The employees must keep in mind that entertaining any such activity will compel the management to take harsh steps.

#5 Save the time of the auditors with internal control

It is essential to notice that the company must believe in designing the internal control and also practice them perfectly. This way, the audit is performed quickly. If not, the auditors have to spend ample time checking the records thoroughly.

#6 Ease down the workload for the auditors

These effective internal controls are designed in a such a way that it can help the auditors to reduce the work they do during the audits. The auditors will check the necessary records first and all the other things later. The purpose of creating the effective internal controls is to help the auditors to reduce the work they need to do during the audits.

#7 Perfect uses of the resources

One of the focuses of the internal control is to ensure that the employees and the entire management are making the best use of the available resources of the company. It will help to maximize the productivity, increasing the revenues of the company. Also, it will help to inspect the weaknesses that the company is facing and remove it effectively.

The internal controls are not just the responsibility of a single employee or the department. Every single employee is bound to help to mitigate every possibility of the risk that can make the company vulnerable and open to the risks.

Siddharth Kashyap loves crafting content and sharing information about technology and business. Since the world mainly revolves around, business growth, and technological advancements, you can always find her delved into the digital world.

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Akon Signs Agreement With Senegal Government To Build His Own City

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Akon To Build Own Akon City

Now, who doesn’t know Akon? A world-wide famous rapper who has sung so many popular songs that we still remember. Smack that and loneliness were my personal favourite. Not only mine, but they are also loved by everyone who belongs to the generation of the 90s.

Akon is trying to help the people living in rural areas of Africa

Akon City in Africa

via: Pexels

Recently, he has signed an agreement with the Senegal government to build a city in his own name in Africa which will be a cryptocurrency-based economy and will be named Akon City. Besides rapping and singing songs, the rapper has other plans too. Nowadays he is trying to help and improve the lives of the people living in the rural areas of Africa. Besides this, he is also very busy in building a city dubbed as his very own ‘Wakanda’.

As per the sources, the rapper has announced plans for creating the futuristic “Crypto city” in 2018 and has had now finalized the deal for ‘Akon City’ with renewable energy and his own cryptocurrency.

The rapper announced this news on his official Twitter account

The rapper has announced this news on Twitter and said the new city would exclusively trade in his own digital cash currency called, “Akion”.

The city is based in Senegal and will be built on a 2,000-acre land gifted to the singer by the President of Senegal, Macky Sall. The construction will begin in March and it will take about a decade to complete the project.

Also read: Check Out Paris’ Marvellous Invention of The Futuristic ‘GYM Boat’

The plan will take about 10 years to complete

Akon City in Africa

via: Pexels

To continue this further, Akon said, “It’s a 10-year building block so we’re doing it in stages. We started construction in March and stage two is going to be 2025,”.

Well, that’s amazing that the city will run completely on renewable energy with a focus on solar energy. It will be an “Akon City” running with all renewable sources of energy and it will also be having an airport too.

The city is currently a five-minute drive from the West African state’s new international airport. Now, you must be thinking why do Akon is struggling so much to bring this change? This is because he was born in Senegal and he wishes to make a positive impact in Africa. We wish him all the very best and good luck for future endeavors.

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Japanese Study Suggests Keeping A Small Plant At An Office Desk Can Reduce Your Stress At Work

Priya Verma

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Reduce Your Stress At Work

Nowadays, people have become used to doing a lot of work. As a result, they often become irritated or stressed due to overburdening of work on their shoulders. But for the sake of money, we have to do that by hook or crook. But you what there’s good news for you all that will help to keep stress at your work at bay. Do you want to know that? A recent study conducted in relation to the stress levels of employees in a workplace suggests that keeping small plants near the work desk can reduce some of your stress up to an extent.

Who conducted the study?

The research study was conducted by the University of Hyogo in Awaji that explains how placing small plants helps in removing the stress of office workers.

What does the study talk about?

A Small Plant At An Office Desk Can Reduce Your Stress At Work

The researchers of the study were Yuko Yokota, Marni Barnes, Masahiro Toyoda, and Midori Kaneko. They have studied the practical use of indoor plants and how do they boost the mental health of the employees at work.

We all very well know that plants bring mental peace and the study has also proved the same thing. To conduct the study, the researchers have done this study in the real office settings to know the impact of indoor plants on the employees and then calculated the stress reduction on employees.

The findings of the study are published in the article named, “Potential of a Small Indoor Plant on the Desk for Reducing Office Workers’ Stress“. It is published in the open-access journal HortTechnology, by the American Society for Horticultural Science.

Toyoda adds with respect to the study, “At present, not so many people fully understand and utilize the benefit of stress recovery brought by plants in the workplace. To ameliorate such situations, we decided it essential to verify and provide scientific evidence for the stress restorative effect by nearby plants in a real office setting.”

The experiment was done with 63 workers

A Small Plant At An Office Desk Can Reduce Your Stress At Work

The experiment was done with 63 workers in Japan to evaluate the psychological and physiological changes before and after placing the small plants on the worker’s desks.

The goal of the study

Reduce Your Stress At Work

The main purpose to conduct the study was to verify the stress-reducing effects of looking at a plant intentionally in the office when you feel tired during office hours. Both the active and passive movements were taken into consideration while conducting the study. The researchers have considered that looking at plants intentionally doesn’t involve any physical movement, active interaction with plants that office workers could do quickly and easily at their desks. Participants were free to choose the plant of their choice and keep it near their work desk.

What were the results?

decreased significantly from pre to post-intervention

The results turned out to be positive. The calming effects which were calculated during the study have shown that anxiety level in the employees has decreased significantly from pre to post-intervention.

The researchers have suggested that placing small plants within the close to your work desk has helped in contributing to reducing the psychological stress among the office workers.

Would you place your favourite plant at your work stress now?

All above images source: Pexels

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Finland’s Prime Minister Proposed Putting The Entire Country On A Four-days Working Week With Six-hours Workdays

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A Four-days Working Week With Six-hours Workdays Finland

After such a long Christmas and New Year Break, workers around the globe have dragged themselves back to the office. And now, there is another good reason to celebrate again. The news which has become the talk of the town among workers nowadays. Do you know what’s that? I am talking about the recent proposal that has been reportedly made by the newly elected youngest Prime Minister of Finland, Sana Marin.

So, what is the proposal?

Sanna Marin has proposed the idea of a four-day-week and six-hour working day work schedule for the citizens of her country. Isn’t that amazing way to promote a healthy working life?

What’s the motive behind this proposal?

The main motive behind bringing this proposal is to promote a healthy work living among the employees of her country. So, this proposal would allow the members of her country to spend more time with their loved ones and family, said Sana Marin. She also added that with this type of comfortable work schedule, people could also invest their time in other aspects of their life as well.

Have a look at what Sana Marin has said

“I believe people deserve to spend more time with their families, loved ones, hobbies and other aspects of life, such as culture. This could be the next step for us in working life,” Sanna Marin said, The Daily Mail reports.

Do you know Sana Marin is the world’s youngest Prime Minister?

Sana Marin is just 34, would you believe that? She is the newly elected and world’s youngest Prime Minister. During her tenure as the Minister of Transport for Finland, Marin had recommended shorter work-weeks for the citizens of her country.

Currently, Finland is following a five-day-week and eight-hour working day work schedule.

Meanwhile, Twitter is happy after knowing this idea

Well, Sana’s proposal of a four-day-week has been supported by Li Andersson, Minister of Education.

She said, “It is important to allow Finnish citizens to work less. It is not a question of governing with a feminine style but offering help and keeping promises to voters.”

Do you know a similar type of idea was tested in Sweden in the year 2015? The proposal was a six-hour working day which gave a positive result and thus leading to better productivity by happy employees.

While others have varying opinions after knowing about this idea

The proposal hasn’t been finalized yet

After the news went viral, the Finnish Government has released the statement saying the issue is not yet on the Government’s agenda.

Featured image: REUTERS/Yves Herman

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