What are 'Internal Controls'

Internal controls are methods put in place by a company to ensure the integrity of
financial and accounting information, meet operational and profitability targets, and
transmit management policies throughout the organization. Internal controls work best
when they are applied to multiple divisions and deal with the interactions between the
various business departments.

Read more: Internal

Controls https://www.investopedia.com/terms/i/internalcontrols.asp#ixzz53xImUMyx

Internal control, as defined in accounting and auditing, is a process for assuring achievement of an
organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and
compliance with laws, regulations and policies. A broad concept, internal control involves everything
that controls risks to an organization.
It is a means by which an organization's resources are directed, monitored, and measured. It plays
an important role in detecting and preventing fraud and protecting the organization's resources, both
physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such
as trademarks).
At the organizational level, internal control objectives relate to the reliability of financial reporting,
timely feedback on the achievement of operational or strategic goals, and compliance with laws and
regulations. At the specific transaction level, internal controls refers to the actions taken to achieve a
specific objective (e.g., how to ensure the organization's payments to third parties are for valid
services rendered.) Internal control procedures reduce process variation, leading to more predictable
outcomes. Internal control is a key element of the Foreign Corrupt Practices Act (FCPA) of 1977 and
the Sarbanes–Oxley Act of 2002, which required improvements in internal control in United States
public corporations. Internal controls within business entities are also referred to as operational
controls.
https://en.wikipedia.org/wiki/Internal_control

Internal control can be described as any action taken by an

organization to help enhance the possibility that the objectives of
the organization will be achieved.

Co-operative banksthe idea of Hermann Schulze (1808-83) and Friedrich Wilhelm

Raiffeisen (1818-88) which took shape as cooperative banks of today across the world. They started
to promote the idea of easy availability of credit to small businesses and for the poor segment of
society. It was similar to the many microfinance institutions which have become highly popular in
developing economies of today.

Co-operative Banks are government supported http://crackmba.com/co-operative-

banks-in-india/
Cooperative banks are owned by their customers and follow the cooperative principle of one person,
one vote. Co-operative banks are often regulated under both banking and cooperative legislation.
They provide services such as savings and loans to non-members as well as to members, and some
participate in the wholesale markets for bonds, money and even equities.[1] Many cooperative banks
are traded on public stock markets, with the result that they are partly owned by non-members.
Member control is diluted by these outside stakes, so they may be regarded as semi-cooperative.

Cooperative banking systems are also usually more integrated than credit union systems. Local
branches of co-operative banks select their own boards of directors and manage their own
operations, but most strategic decisions require approval from a central office. Credit unions usually
retain strategic decision-making at a local level, though they share back-office functions, such as
access to the global payments system, by federating.
Some cooperative banks are criticized for diluting their cooperative principles.

https://en.wikipedia.org/wiki/Cooperative_banking