"Internal control is a part of the internal check system." Discuss.

According to Standard on Auditing (SA) 315, internal control is the process designed, implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entity's objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations, and compliance with applicable laws and regulations. Internal check refers to allocation of duties in such a manner that the work of one person is checked by another while that other is performing his own duties in a normal way. In other words, it may be referred to as a system of instituting checks on the day to-day transactions which operate continuously as a part of routine system whereby the work of one person is complementary to the work of another, the object being the prevention or early detection of errors or fraud. The objective of such allocation of duties is that no single individual has an exclusive control over any one transaction or group of transactions. Thus, internal check is a part of the overall internal control system and a method of division of work with the objective of prevention or early detection of errors or fraud. Hence, it is not correct to say that internal control is part of the internal check system.