GAO Glossary of Terms and Definitions (September 2005)

Internal Control

An integral component of an organization’s management that provides reasonable assurance that the following objectives are being achieved: (1) effectiveness and efficiency of operations, (2) reliability of financial reporting, and (3) compliance with applicable laws and regulations. Safeguarding of assets is a subset of all three of these objectives.

[Page 62]

Previous: Inflator (Economics Term)	Next: Joint Resolution