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Internal Control - Coggle Diagram
Internal Control
Internal Control Objectives
Compliance with laws and regulations
Reliability of financial reporting
Efficiency / effectiveness of operation
Management responsibilities in relation to Internal control
Establish and maintain the entity's internal control
Must do the issue of the internal control report that includes acknowledgement of responsibility and result of annual internal control
Auditors responsibilities for Internal control
Evaluate the control risks
Understanding the client's internal control
Five components of Internal Control
Control environment
Risk assessment
Control activities
Information and communication
Monitoring
Communication to Those Charged with Governance
communicate in writing significant deficiencies and material weaknesses to the audit committee
highlights intended control weaknesses
recommendation IC can be improve
Tests of controls
Inquire of client personnel
Examine documents, records, reports
Re-perform client procedures
Observe control-related activities