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CONTROL - Coggle Diagram
CONTROL
Control Activities
Entity Wide
Business Process Level
Specific Transactions
Types of control
Preventive
Detective
Directive
Mitigating
Compensating
Control Effectiveness
Timely Identification
Reasonable assurance
Clear Accountability
Clear alignment
Control Environment
integrity ethical values
Oversight function and independence of management
clear assignment and authority
competency
Monitoring activites
asses the presence of control
Seperate evaluation off those 2
Principles
component sare present and fucntioning
evaluates report of deficiency to take measures
Limitations
Judgement errors
Mangement overide
Redundant work
negative attitude of employees
Information and Communication
Principles
Relevent and high quality
objectives and responsibilties / communicated internally
communicate to external party
Proces
Clear message
information must be identified, captured and commincates
external communcation must be part of the framework
effective communication of employees
What?
Mitigate risk and decrease the probility of hapenning
Risk Assesments
principles
Clear objectives
Risk across and how to manage
potential fraud
system of internal control