Category - Lisa NQALA

Internal control systems are an essential component of every organisation, as they are known for their impact on prevention and risk mitigation. However, limited studies examine the nexus between internal control systems and small and medium enterprises (SMEs). Although SMEs play a crucial role in enabling the country’s financial stability, SME owners and managers in developing countries are perceived to lack knowledge of internal control systems. This conceptual paper aims to bring a broader understanding of SME leaders and managers on knowledge of implementation of quality internal controls systems towards SMEs’ survival and impact on the country’s economy. This paper analyses the relevant literature on internal controls’ implementation, the knowledge of SME leaders and owners on quality implementation of internal control systems, SMEs’ survival and impact on the economy of the country. An existing and persisting perception that internal control systems can only be implemented by...