Internal control is an internal accounting method adopted by a company, small or large, to improve efficiency and effectiveness through internal audits and inspections. According to internalaudit.wsu.edu, internal control is geared toward achieving objectives in several overlapping categories, which can benefit the company's overall profitability. Internal control is used within a company, and information is used within the company to solve a current problem or to increase the company's productivity. Managers, officers, sales staff and budget managers use the company's internal accounting. Internal control is not required by law, but according to http://accountlearning.blogspot.com, internal control is essential for a company to function cohesively. From my research, I have found that the benefits of internal control far outweigh the cost in a company's overall success. Internal control protects company assets from theft as accounts are carefully monitored within the company. Internal auditors help reduce theft and misallocation of resources within the company as accounts are continuously reviewed and monitored in internal control. Internal control can reduce losses within a company by identifying theft within the company. According to Hirepowerassociates.com, the U.S. Chamber of Commerce estimates that 75% of all employees have stolen at least once from the company they work for, which represents a loss of more than $5 billion for American businesses. Internal control is also beneficial to a company because it helps management in decision making and implementation of plans. According to businessknowledgesource.com, internal control analyzes problems within t...... middle of paper ......earning.blogspot.com/2012/02/concept-of-internal-control-and-its. html4 ) “Pros and Cons of Internal Audits.” , Financial information and money. Np, nd Web. May 22, 2014. http://www.businessknowledgesource.com/finance/pros_and_cons_of_internal_audits_026391.html 5) “In companies large and small, internal controls matter.” DealBook In companies large and small Internal controls matter Comments. Np, nd Web. May 22, 2014. http://dealbook.nytimes.com/2012/04/05/at-large-and-small-companies-internal-controls-matter/?_php=true&_type=blogs&_r=0 6 ) Employee Statistics Thefts are staggering. Phase One Investigation II (nd): n. page http://www.hirepowerassociates.com/. Network. May 18, 2014. http://www.hirepowerassociates.com/pdfs/StepOneSurveyII.pdf 7) "Internal controls." PwC. Np, nd Web. May 22, 2014. http://www.pwc.com/ca/en/private-company/lets-talk/internal-controls.jhtml