In 1992 COSO issued Internal Control--An Integrated Framework for companies, their managements, and their auditors.
In 1992 COSO issued Internal Control--An Integrated Framework for companies, their managements, and their auditors.
finacial systems
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.
Reliability of financial reporting.
Effectiveness and efficiency of operations.
An organization establishes a system of internal control to help it manage many of the risks it faces, such risks are classified as follows:- * Inherent Risk * Control Risk * Detection Risk Establishing an internal control is the responsibility of the management, the elements (components) of internal control framework are the following:- * Control environment * Risk Assessment * Control Activities * Information & Communication * Monitoring
Compliance with applicable laws and regulations.
Distinguish between internal audit and internal control.
The definition of internal control included in SAC is: a set of processes, functions, activities, sub-systems, and people who are grouped together or consciously segregated to ensure the effective achievement of objective
An organization establishes a system of internal control to help it manage many of the risks it faces, such risks are classified as follows:- * Inherent Risk * Control Risk * Detection Risk Establishing an internal control is the responsibility of the management, the elements (components) of internal control framework are the following:- * Control environment * Risk Assessment * Control Activities * Information & Communication * Monitoring
there are how many GAO internal control standards?
Which of the following is a type of "detective" internal control