Reliability of financial reporting. Compliance with applicable laws and regulations. It is a means to an end, not an end in itself.
Internal control is effected by people.
It's not merely policy manuals and forms, but people functioning at every level of the institution. Internal control is geared to the achievement of objectives in several overlapping categories. Internal control can be expected to provide only reasonable assurance to an institution's leaders regarding achievement of operational, financial reporting, and compliance objectives. Effective administration involves planning, executing, and monitoring. Internal control is a tool used by administrators to accomplish these processes.