EFFECTIVE INTERNAL CONTROL Definition

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EFFECTIVE INTERNAL CONTROL is reasonable assurance that operational objectives are achieved, that published financial statements are reliably prepared, and that the entity complies with applicable laws and regulations.

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BANK FOR INTERNATIONAL SETTLEMENTS (BIS) is the central bankers' bank based in Basle, Switzerland.

CASH is money, in the form of notes and coins, which constitutes payment for goods at the time of purchase.

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