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

SAP Term: standard control

• Component: FIN-CGV-MIC

• Component Name: Management of Internal Controls

• Description: Value that can be taken by the attribute "Significance of a Control".

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• Key Concepts: 
  Standard control is a feature of the FIN-CGV-MIC Management of Internal Controls component of SAP. It is used to ensure that all internal control processes are in compliance with the company's policies and procedures. Standard control helps to ensure that all transactions are properly authorized and recorded, and that all financial information is accurate and up-to-date.
  
  How to use it: 
  Standard control can be used to set up a system of checks and balances for internal control processes. This includes setting up authorization levels, setting up audit trails, and setting up controls for financial reporting. It also includes setting up controls for data entry, data validation, and data security.
  
  Tips & Tricks: 
  When setting up standard control, it is important to ensure that all internal control processes are in compliance with the company's policies and procedures. It is also important to ensure that all transactions are properly authorized and recorded, and that all financial information is accurate and up-to-date. Additionally, it is important to ensure that all data entry, data validation, and data security controls are in place.
  
  Related Information: 
  For more information on standard control, please refer to the SAP Help documentation on FIN-CGV-MIC Management of Internal Controls. Additionally, you can find more information on internal control processes in the SAP Business One Internal Control Guide.