What is internal control in SAP CA-GTF-FCC - Financial Closing cockpit Add-on?

SAP Term: internal control

• Component: CA-GTF-FCC

• Component Name: Financial Closing cockpit Add-on

• Description: Tasks, such as reconciliation and checking for configuration changes, that are not related to closing but rather are intended to check that closing tasks are completed correctly. You can define the significance, the automation level, and the purpose of internal control tasks in the Financial Closing cockpit application.

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• Key Concepts: 
  Internal control is a process used by organizations to ensure that their financial and operational activities are conducted in accordance with established policies and procedures. It is an important part of the SAP Financial Closing Cockpit Add-on, which provides a comprehensive set of tools for managing the financial close process. The internal control component of the add-on helps to ensure that all financial transactions are properly recorded and reported, and that any discrepancies are identified and addressed.
  
  How to Use It: 
  The internal control component of the SAP Financial Closing Cockpit Add-on can be used to monitor and review financial transactions, identify discrepancies, and ensure compliance with established policies and procedures. It also provides a range of reporting tools to help users analyze financial data and identify potential issues. Additionally, it can be used to generate audit reports for external auditors.
  
  Tips & Tricks: 
  When using the internal control component of the SAP Financial Closing Cockpit Add-on, it is important to ensure that all financial transactions are properly recorded and reported. Additionally, it is important to regularly review the reports generated by the add-on to identify any discrepancies or potential issues.
  
  Related Information: 
  For more information about the SAP Financial Closing Cockpit Add-on, please visit https://www.sap.com/products/financial-closing-cockpit.html. Additionally, you can find more information about internal control on the website of the Institute of Internal Auditors at https://na.theiia.org/standards-guidance/Pages/Internal-Controls.aspx.