Controls are crucial in business for several reasons:
Risk Management: Controls help in identifying, assessing, and mitigating risks that could affect the company's performance. Compliance: Ensures that the company adheres to applicable laws, regulations, and internal policies. Operational Efficiency: Streamlines processes and procedures, leading to cost savings and higher productivity. Financial Accuracy: Ensures the accuracy and reliability of financial reporting. Strategic Alignment: Aligns operations with the company's strategic goals and objectives.