Why are internal accounting controls important to a business? What are advantages vs. the disadvantages? Is there a cost to the business for these internal controls?

Internal control refers to a systematic procedure to be followed by the personnels of a company to ensure integrity and confidentiality of financial and accounting information of the company. It is implemented to bring accountability and prevent fraud in the company.

Irrespective of whether the company is public or private, all companies mostly follow internal control system in order to establish safeguard of company's assets, lessen the opportunity for committing frauds and minimize the undetected errors occuring in day to day operations of the company. Internal control helps to establish a systematic procedure to be followed in the company thereby minimizing duplication of work and chaos.