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Internal Control (process designed to provide reasonable assurance of…

- - - - control environment (overall attitude of organization)
        
        Control activities (policies and procedures )
        
        Information and communication (exchanging information in a timely fashion )
        
        Monitoring (process that assesses the quality of internal controls over time )
        
        Ongoing monitoring processes are designed to identify control failures
        
        whether internal control over financial reporting is operating effectively
        
        processes for gathering key financial information
        
        to support the achievement of financial reporting objectives
        
        to right people
        
        involving?
        
        operations of the control
        
        design of the control
        
        sources to misstatement ?
        
        Accounting estimates
        
        Adjusting and closing entries
        
        Transaction processing
        
        common control activities
        
        Adequately documented transaction trail
        
        Competent, trustworthy employees
        
        Authorization procedures
        
        Physical controls to safeguard assets
        
        Segregation of duties
        
        what einvironment?
        
        Integrity and ethical values
        
        Organizational structure
        
        Management's philosophy and operating style
        
        Board of directors and audit committee