Please enable JavaScript.
Coggle requires JavaScript to display documents.
Internal control process Definition, Identify Internal Control Weaknesses,…
Internal control process Definition
Detective
This process is about monitoring and backup, in order to uncover events or itens that were not caught by the preventives controls
Some detective internal controsl are: Reviews, analysis and inventory
Corrective
This is normallyy the process after the detection internal process, it is the correction in the problems or mistakes found, like softwarer patchs, disciplinary actions, modifications, new policies, etc
Preventive
As the name says, it is made in order to prevent error and frauds, through documentation and authorization practices, for examplee, segregating duties and ensures that no one person is in a position to authorize, record or maintain a financial transaction and its corresponding asset.
some preventive internal controls are: Verifying expenses and authorizing invoices, limiting physical acess to equipment, inventory cash, and other assets
Identify Internal Control Weaknesses
Catologu Internal Control procedures
This includes Documenting financial transactions, product design and testing purchasing procedures
Conduct risk assessment
Internal Audit
Train and educate staff
Conduct an internal audit
Look at the feedback from customers and stakeholders
Examine departments reports
Major Internal Control Weakness
Technical Control Weakness
Those are the weakness found in the technical control framework, normally made by changes in the system or failures in the way the software/hardware have been configured and maintained
Operational Control Weakness
These Controls weakness normally comes from human error, it happens when the people who conduct operations do not follow the epolicies and standards that you have put in place. It should be an attention point and be solveed as soon as possible
Administrative Control weaknesses
Also called procedure Controls are procedures and politicies put into place to help you employees deal with your companies sensitive information. These Controls let people know how the business is to be run and how they are to conduct day to day operations. For example: Regurlay schedule backup routine is an administrative control related to disaster recovery
Architectural Control Weakness
Security architecture typically entails creating an integrated framework that highlights and addresses risks in you companys IT environment.An unplanned hardware replacement is at high risk for architectural control weakness because employees often try to get around the normal change management process, which may mean the hardware wasn’t configured properly and result in other implementation issues.