accounting (noun, ac-count-ing, \ əˈkaʊntɪŋ \) control (noun, con-trol, \ kənˈtroʊl \) system (noun, sys-tem, \ ˈsɪstɪm \)
Definition: includes various methods, policies, and procedures that together complete the overall control system of a company. The primary tasks of this system include: a) guarantying the compliance of a firm’s financial activities to its accounting policies, b) secure the company’s assets, and c) preparing and presenting relevant and factual financial reports at the board’s general meetings. An accurate and timely implementation of an accounting control system allows a company to develop a robust financial management system.
In a Sentence:
- Due to how our firm’s accounting control system is set up, we have to present quarterly financial reports to the management.
- As she was the head of the accounting department for three years, Jennifer was regularly tasked with introducing changes to West-Trade’s accounting control system.
- The lack of a reliable accounting control system resulted in severe financial losses when the budget manipulations performed by the manager were exposed to the board.
Synonyms and related words: control system, distributed control system, administrative control system, accounting controls
