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Who is responsible for establishing a private company's internal control?
management
What concepts of organizational internal control are very similar across various models?
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.
What happens to companies that fail to maintain an adequate system of internal control?
Company may be subject to charges of fraud
Who designates the Internal Control Administrator within the reporting organization and the appoints an Internal Control Administrator in the Assessable Unit.?
Senior Responsible Official , Assessable Unit Manager
What is the primary purpose of effective internal control in an organization?
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.
What is Internal Control and how is it related to the Sarbanes Oxley Act?
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:
Who is responsible for establishing a private company's internal control?
management
What concepts of organizational internal control are very similar across various models?
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.
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.
What happens to companies that fail to maintain an adequate system of internal control?
Company may be subject to charges of fraud
The designates the Internal Control Administrator within the reporting organization and the appoints an Internal Control Administrator in the Assessable Unit.?
Senior Responsible Official , Assessable Unit Manager
Who designates the Internal Control Administrator within the reporting organization and the appoints an Internal Control Administrator in the Assessable Unit.?
Senior Responsible Official , Assessable Unit Manager
What is the primary purpose of effective internal control in an organization?
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.
Why is control important at all levels of the organization?
internal controls are important in organizations for positioning a system of boundaries that will benefit the basic structure of a business.
Who is responsible for reviewing the actions of COs and DAOs under their control to ensure adherence to established policy procedures and internal controls?
Supervisors
Difference between internal audit and internal control systems?
Distinguish between internal audit and internal control.
What is the difference between coso and coco model?
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.
