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Supervisory Policy Manual CG2Systems of Control for the Appointment of Managers.1 24.05.02This module should be read in conjunction with the Introduction and with the Glossary, which contains an explanation
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Systems of control are used to monitor and evaluate the effectiveness of internal controls within an organization.
All organizations, including both public and private entities, are required to file systems of control to ensure compliance with regulations.
Systems of control can be filled out by providing detailed information about the internal control processes and procedures in place within an organization.
The purpose of systems of control is to identify and mitigate risks, prevent fraud, and ensure the accuracy of financial reporting.
Information such as policies, procedures, responsibilities, and monitoring processes related to internal controls must be reported on systems of control.
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