The board of directors and its audit committee have responsibility for making sure the internal control system within the organization is adequate
management
internal control is not only policies and procedures to help an organization accomplish its objectives but also a process or system affected by people. In these models, people are perceived to be central to adequate internal control.
Company may be subject to charges of fraud
Senior Responsible Official , Assessable Unit Manager
TO improve on the organizations performance,through making and implementing policies,formulating strategies,thus survival of the business,since business survival is a mere dream if the internal control of the business is lax.
Section 404 of the Sarbanes Oxley act brings into picture the aspect involving the internal control of an organization. It states that it is compulsory for companies who do Sec filling to focus on internal control. Still, organizations need to prepare adequate reports, which show correct financial information and minimize the risks. See link below:
management
internal control is not only policies and procedures to help an organization accomplish its objectives but also a process or system affected by people. In these models, people are perceived to be central to adequate internal control.
Company may be subject to charges of fraud
Senior Responsible Official , Assessable Unit Manager
Senior Responsible Official , Assessable Unit Manager
TO improve on the organizations performance,through making and implementing policies,formulating strategies,thus survival of the business,since business survival is a mere dream if the internal control of the business is lax.
internal controls are important in organizations for positioning a system of boundaries that will benefit the basic structure of a business.
Supervisors
The focus of COCO is on achieving the goals and defines internal control as an organization’s element that works together to assist the attainment of these goals. Conversely, COSO defines internal control as the process under which the management and staff of the company are influenced, with a view to ensuring a reasonable assurance of its objectives. COCO focuses on internal and external reporting dependability. COSO is focused on financial reporting dependability. There are some difference between COSO and COCO but one of the most notable differences is that COSO gives the director of the organizations all responsibility regarding internal control and COCO states each employee is responsible to carry out internal control. COSO’s goal is to provide thought leadership dealing with three interrelated subjects: Enterprise risk management (ERM) ,Internal control, Fraud deterrence, Controls implements in the business processes. Effective controls in the business processes must be implemented without inhibiting the realization of the operative process. COCO Published in 1995 and certified by the Canadian Accountants Institute through a board that is responsible for establishing and delivering criteria or general guidelines on control. The aim is to give guidance on the design, evaluation and responses to control systems within organizations in the public and private sector, including related corporate governance concerns.
Distinguish between internal audit and internal control.
It depends on which environment factor you are referring to. There are internal and external environmental factors. Internal refers to factors within an organization and basically under the organizations control. External environmental factors refers to those factors outside of the organization and by in large not under the control of the organization.