Internal control refers to the policies, procedures, and processes implemented by an organization to ensure the reliability of financial and accounting information, safeguard assets, and prevent fraud and errors. It includes the control environment, risk assessment, control activities, information and communication, and monitoring activities.

The nature of internal control refers to its characteristics, such as being a part of management's responsibilities, aimed at achieving organizational objectives, and providing reasonable assurance rather than absolute certainty.

The scope of internal control covers all aspects of an organization's operations, including financial reporting, compliance with laws and regulations, and efficient and effective operations.

The significance of internal control lies in its ability to provide assurance to management, board of directors, and stakeholders regarding the reliability of financial statements, safeguarding of assets, and compliance with laws and regulations. It helps in reducing the risk of errors and fraud, improving operational efficiency, and enhancing the overall governance and accountability of an organization. Internal control is an integral part of auditing as auditors assess and evaluate the effectiveness of internal control systems during the audit process.