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internal controls for processes by which a business accounts for operational efficiency financial transparency legal and regulatory compliance and general ethical practices to steer overall business performance and growth how will implementing internal controls benefit your business creating accountability means preventing errors and unethical practices from taking place this is called check and balance it is a good business practice to keep tasks and duties separate within any business to ensure controls are in place for every step of a process make sure that a business meets alls requirements related to concerns such as regulatory means and filing reporting processes and other procedures that keep businesses compliant to laws and policies setting internal controls in place will give your management the space to obtain relevant information relating to targets project outcomes future steps and other information that can be used to chart both progress and deviations from business plans