What is control purpose in SAP FIN-CGV-MIC - Management of Internal Controls?

SAP Term: control purpose

• Component: FIN-CGV-MIC

• Component Name: Management of Internal Controls

• Description: Attribute of a control that dictates whether the control is preventive, detective, or corrective.

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• Key Concepts: 
  Control purpose is a term used in the Management of Internal Controls (FIN-CGV-MIC) component of SAP. It is a way to define the purpose of a control, such as to prevent fraud or errors, or to ensure compliance with regulations. It is used to help identify the type of control that should be implemented and the level of risk associated with it. 
  
  How to use it: 
  When setting up a control in SAP, users must define the control purpose. This can be done by selecting from a list of predefined control purposes or by creating a custom control purpose. Once the control purpose has been defined, users can then set up the appropriate controls to meet that purpose. 
  
  Tips & Tricks: 
  When defining a control purpose, it is important to consider the level of risk associated with it. For example, if the purpose of the control is to prevent fraud, then it should be set up with more stringent controls than if it were just for compliance purposes. 
  
  Related Information: 
  For more information on setting up controls in SAP, please refer to the official SAP documentation on Management of Internal Controls (FIN-CGV-MIC).