Under Control
These people are NOT responsible for internal controls.
Who is an auditor?
This component is comprised of the organizational structure, assignment of responsibilities, policy and procedures monitored by Board of Directors and Audit Committee.
What is the control environment
This process during risk assessment is done to determine how the risks should be managed.
What is identify and analyzing risks?
The process of protecting the company's information and assets.
What is safeguarding?
This is a back up procedure designed to catch items or events
What is Detective Controls?
This person checks validates amount in her cash drawer matches receipts.
Who is the front line employee?
This component is identifying and analyzing, managing change as a company wide objective.
What is risk assessment?
Making sure the information is complete and accurate.
What is ensuring reliability and integrity of financial information?
This is an ongoing process of identifying business continuity, security, policy and procedures that may involve outsourcing for additional support.
What is control activities?
This step is done by management before the auditors evaluate for risk assessment.
What is identifying the probability of risk and impact?
This is when we follow the federal, state and local laws regarding a business.
What is being in compliance?
This activity is used to deter errors or fraud.
What is preventative control?
This person monitors others by running deposit reports and compare to receipts.
Who is the department manager?
This component requires quality and effectiveness of what is being said and done.
What is information and communication?
This is done to monitor and show achievement of goals and objectives.
Why are there policies and procedures?
A company's plan to safeguard its assets, checking for accuracy and validating financial statements through monitoring processes.
What is an internal control?
This employee validate bank statements with financial statements.
Who is the controller?
The component is essential to success with internal control by ongoing and separate evaluations and reporting any deficiencies.
What is monitoring?
What is control factor of a risk assessment?
This is done on a scheduled bases to validate is records and monitoring are correct.
What is periodic assessment?