Internal check and internal control are two frequently used terms in risk management and compliance. Explain the meaning of Internal Check and Internal Control and also mention how these two are different from each other

Internal check 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. Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organization's resources, both physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such as trademarks). Internal check Internal control Internal check refers to the way of allocating responsibility, segregation of work, where work of the sub-ordinates is checked by the immediate supervisors to verify that the work is carried out according to the company policies and guidelines. Internal control is the system implemented by a company to ensure the integrity of financial and accounting information and that the company is progressing towards fulfilling its profitability and operational objectives in a successful manner. Scope of internal check is narrower compared to internal control. Internal control is a broader aspect in which internal check play a vital role. Internal checks are implemented at all organizational levels such as tactical and operational level. Internal controls are designed and documented at the corporate management level.