Internal Controls Strengths & Weaknesses

Video Transcript

"This is financial adviser Patrick Munro talking about internal controls strength and weaknesses. Well there's a saying saying, "your system is only as good as your system". And you have to make sure that your system that you have for internal controls with the company or with a private individual budget has some flexibility to it. And of course if it does it has some strengths inherent because it does. If you're internal controls are absolutely rigid and an emergency comes upon you, then your system will not hold up and you'll be in a significant problem because of that impossibleness to flex with what is going on in your financial life, be it with yourself or with a company. Flexibility in the modern world that we live in is very, very important. And of course the internal controls that you develop to guide yourself and your business must be flexible to achieve that goal. This is Patrick Munro talking about, internal controls strengths and weaknesses."