Who is responsible for internal controls?
Group of people who plays a role, from frontline employees to top executives
Who is everyone?
Achieves objectives efficiently and effectively
Who are organizations?
This will help set the tone at the top for COSO; which includes integrity, ethical values, and governance.
What is controlled environment?
Risk assessment helps organizations identify this that could prevent them from achieving goals.
What is vulnerabilities?
Organizations are responsible for this where appropriate controls are tailored to their operations
What is designing and implementing
These people hold the primary responsibility for establishing and maintaining effective internal controls.
Who is the management and the board of directors?
Internal controls provides this with laws and regulations?
What is compliance?
COSO identifies this and analyzes risks to achieving objectives
What is risk assessment?
It allows leaders to prioritize this and implement controls where they are most needed.
What is resources?
Organizations are responsible for this to help the employees understand and follow control procedures
What is training employees?
These people often assesses and monitor the effectiveness of these controls.
Who is internal auditors?
Internal controls can provide this with stakeholders and the public?
What is trust?
COSO helps the policies and procedures that ensure management directives are carried out.
What is controlled activities?
Without risk assessment, organizations may overlook critical threats or misallocate efforts, leaving gaps in this?
What is protection?
Organizations are responsible for regularly reviewing and updating controls to adapt to what?
What are new risks?
Internal controls provide what type of accurate reporting.
What is financial?
Ensures relevant information is identified, captured, and communicated in a timely manner.
What is information and communication?
Organizations are responsible for documenting and communicating this clearly
What is policies?
Internal controls safeguards this from loss or misuse.
What is assets?
COSO does this with ongoing evaluations to ensure controls are present and functioning
What is monitoring activities?
Organizations are responsible for ensuring accountability through this.
What is audits and performance evaluations?