The Impact of Internal Control on Increasing The Efficiency of The Iraqi Private Banks

Abstract

The aim of the study is to highlight the importance of internal control in boosting business efficiency is highlighted by the current study. Internal control is the cornerstone on which the business depends to ensure that operations are effective and efficient, that information is of high quality, and that laws, rules, and policies are being followed. On the other hand, it also guards against and manages risks that might interfere with achieving goals. Data collection and analysis the questionnaire was created by the researcher with 60 correct questionnaires distributed over 6 banks. The study then identifies the most efficient internal control system and suggests ways to boost business efficiency. Population and sampling an online survey were used to get opinions from a sample of accountants working for private banks in Iraq in order to accomplish the research goal and test the hypotheses. The study analyzes the study variables and tests the hypotheses using descriptive statistical analysis (SPSS). The study's most significant findings were that internal control covers all the various security measures used by the business to give reasonable assurance that the goals will be met. In other words, by implementing an effective and efficient internal control system, a business is better prepared to accomplish its objectives and stay clear of traps and unforeseen circumstances.