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COSO Framework and Internal Control Process (The Control Environment…
COSO Framework and Internal Control Process
Control environment
The Control Environment
Philosophy and style of senior management
Organising
Directing
Planning
Controlling
The Organisational Structure
Organisational structure suitable for type of organisation
Grouping of activities
Methods used to communicate tasks and responsibility of management
Human Resource Management
Personnel scheduling
Regular rotation of duties, within limits
The appointment and evaluation personnel
Career path possibilities
The formalisation of personnel practices
Exercise psychological control
Risk Management
Control Activities
Classification of Internal Control activities
Detective controls
Corrective controls
Preventive controls
Types of IC activities
Segregation of duties
Proper authorisation of transactions and activities
Adequate documents and records
Safeguarding of assets and information
Independent checks
Monitoring
Information and Communication
Responsibility For Internal Control
The function of the external auditor
The function of external auditor
The responsibility of management
Advantages And Limitations Of Internal Control
Control In An Information Technology Environment
General controls
Application controls
Information and communication
Monitoring
Risk management
Control activities