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Nature Of Work (Control activities (Classification of internal control…
Nature Of Work
Control activities
Addresses risk
Policies & procedures
Management responsibilities
Operations
Reporting
Compliance
Classification of internal control activities
Preventive control
Detective control
Corrective control
Types of internal control activities
Segregation of duties
Safeguarding of assets and information
Independent checks
Risk assessment
Identified
Measured
Analysed
Controlled
COSO Framework & the internal control
The organisational structure (hierarchy
)
Different types of organisational structure
Centralisated
Decentralised
Reporting relationship
Matrix organisation
Grouping activities
Production
Marketing
Personnel
Finance
Methods used to communicate tasks & responsibility
Organisational policy
Assignment of responsibility & delegation
Job description delineating
Computer system documentation
Internal auditor
Organisational code of conduct
Memorandum from senior management
Formal organisational and operations plans
Accounting procedure and policies
Organisational chart
Job description
Clear boundaries of authority
Human resource management
Appointment
Training
Evaluating
Promotion & remunaration of personnel
Supply of sufficient resource
Personnel practice
Personnel scheduling
Regular rotation of duties, with limits
Career path possibilities
Formalisation of personnel practice
Exercise psychological control
The appointment and evaluation of personnel
Information and communication
Identified
Captured
Communicated
Monitoring
Assessing quality of performance
Risk assessment internal control activities
Reason for monitoring
Organisation's function
Changing environment
Responsibilities for internal control
Responsibility of management
Function of the external auditor
Function of the internal auditor
Advantages and limitations of internal control
Advantages of internal control
Achieve it's goal for profitability and outputs
Prevent resource losses
Promote reliable financial reporting
Ensure compliance and legislation and regulation
Limitations of internal control
Ensure an organisation's success
Ensure the reliability of financial reporting compliance
Control in an information technology environment
General control
System documentation control
System development and program change control
Hardware and software controls
Security controls related to IT
Application control
Ensure completeness
Accuracy
Authorisation
Validity of data captured and processed