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Internal control : (Using the Internal Control (The Board of Directors,…
Internal control :
Using the Internal Control
The Board of Directors
Senior Management—
Other Management and Personnel
Internal Auditors
Independent Auditors
Other Professional Organizations
Educators
Internal control is defined as:
Internal control is defined as
Geared to the achievement of objectives
A process consisting of ongoing tasks and activities
Provide reasonable assurance
Adaptable to the entity structure
Limitations
Suitability of objectives
Breakdowns
Ability of management to override internal control
Ability of management
External events beyond the organization’s control
Components of Internal Control
Control Environment
Control Activities
Information and Communication
Monitoring Activities
Effective Internal Control
Achieves effective and efficient operations
Understands the extent to which operations are managed effectively and
efficiently
Prepares reports in conformity with applicable rules, regulations, and standards
Complies with applicable laws, rules, regulations, and external standards
Objectives
Operations Objectives
Reporting Objectives
Compliance Objectives
Relationship of Objectives and Components
Components and Principles
Control Environment
Risk Assessment
Control Activities
Information and Communication
Monitoring Activities