Internal Controls in Business.. Do we need it and why ?

A growing/grown up business concern WITHOUT sufficient internal controls is just like an awesome muscular BMW car without any braking system.

Now imagine that you are the driver of your car(business).

1)You can drive your car at a great speed. But it crashes at some point.

2)The fear of crashing will always be there in your heart when you drive it.

3) You tend to cause damage to humans and properties.

4) You will have to bear expenses though your car is insured.

5) Your car might look good to others and will have a value in the beginning. But the moment you crash it, its value decreases substantially.

6) Finally, the thought that you can drive your car(run your business) successfully without proper braking system(proper internal controls) is just an ILLUSION.

PS: Never under estimate the requirement and power of internal controls needed in a business organization.

-CS Neeraj Vasudevan