Internal Controls
COSO
Internal Control-Integrated Framework
Monitoring
Information and
communication
Control
activies
Application
controls
General
controls
Corrective
controls
Detective
controls
Preventive
controls
Risk
assessment
Control
Environment
The tone at the top
develop and enforce
assign authority and responsibility with
integrity and best interests
efficiency, effectiveness, and
reasonable internal control
consistent, appropriate management
philosophy and operationg style
participation of board
and audit committees
carry out duties
and responsibilities
integrity and
ethical behavior
Risks
Taxonomy
Hazard risks
Strategic risks
Operational risks
Financial risks
Examples
User training
Segregation of duties
Internal audits
Lockbox systems
Document matching
Bank reconciliation
Importance
Reasonable assurance
Involvement
Process
