Chapter 3 Notes

Mer som dette

ERP Mind Map

Ved Deanna Medina

Components of a Scientific Theory

Ved Aly Sheta

Genetically Modified Crops (GMC)

Ved Amarayca Zambrano

Chapter 3 - Internal Controls

Ved Matt Rich

Chapter 3 Notes

Risks

hazard risk

directors and officers liability

strategic

business strategy

legal and regulatory

operational

human error

systems

financial

liquidity

credit

market

definition and purposes

reasonable assurance using cost/benefit ratio

broad range of organizations

widespread responsibility

process of internal control

COSO framework

Examples

job rotation

bank reconciliation

document matching

separation of duties

control environment

risk assessment

control activities

Information and Communication

Monitoring

internal controls

compliance with management directives

promote operating efficiency

ensure reliable financial reporting

safeguard assets

Expected Outcomes

summarize and critique internal controls

define and represent risks

Define and explain internal controls and their purpose