Explain objectives of "Internal Control System".

The Objectives of Internal Control system includes: Authorization - The objective is to ensure that all transactions are approved by responsible personnel in accordance with their specific or general authority before the transaction is recorded. Completeness - The objective is to ensure that no valid transactions have been omitted from the accounting records. Accuracy - The objective is to ensure that all valid transactions are accurate, consistent with the originating transaction data, and information is recorded in a timely manner. Validity -The objective is to ensure that all recorded transactions fairly represent the economic events that actually occurred, are lawful in nature, and have been executed in accordance with management's general authorization. Physical Safeguards and Security - The objective is to ensure that access to physical assets and information systems are controlled and properly restricted to authorized personnel. Error Handling - The objective is to ensure that errors detected at any stage of processing receive prompts corrective action and are reported to the appropriate level of management. Segregation of Duties - The objective is to ensure that duties are assigned to individuals in a manner that ensures that no one individual can control both the recording function and the procedures related to processing of a transaction.