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An Internal Control is a system of measures by a firm to conduct business in a neat and orderly manner, guard what it owns, spot and detect fraud, mistakes and any form of thievery, make sure its Financial Accounting is accurate by GAAP (in America) or IFRS (elsewhere), make sure its Cost Accounting and Managerial Accounting accurate by their standards, deliver this information on time, and adhere to their internal rules and code of ethics consistently.