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How may management's responsibility toward effective internal control systems be described?
Wiki User
∙ 13y ago
top management at a publicly owned organization will include in the organization's annual financial report to the shareholders a statement indicating that management has established a system of internal control
Wiki User
∙ 13y ago
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What is internal control?
In 1992 COSO issued Internal Control--An Integrated Framework for companies, their managements, and their auditors.
What is COSO's Internal Control?
COSO's Internal Control Framework is a set of guidelines that helps organizations design, implement, and conduct internal controls to achieve their objectives. It consists of five components: control environment, risk assessment, control activities, information and communication, and monitoring. Organizations use this framework to improve operations, manage risks effectively, and ensure reliable financial reporting.
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What is the objective of Internal Control System and explain briefly internal control framework?
In 1992 COSO issued Internal Control--An Integrated Framework for companies, their managements, and their auditors.
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