Internal Control
The purpose of internal control
What is "protecting companies and their assets by policies, rules, regulations, and laws"? (Michigan Tech)
The real name for the Act
What is the Sarbenes-Oxley Act ?
The first level of The COSO Internal Control mode
What is Control Environment?
The importance of internal control
What is restoring trust into the American Capitalist system by recording and auditing any financial moves and holding management responsible for their actions and decisions in a company.
The benefits of the Act
What is restoring confidence of investors and stockholders in companies?
What is holding management responsible for accurately reporting finances ?
The second, and most important level of the COSO Internal Control Model
*Explain Why*
What is Risk Assessment ?
Allows you to identify hazards in the work place, reduce incidents, create awareness + sense of comfort in workplace.
Examples of internal control
What is
Year the Act was signed into place
When is 2002?
The third level of the COSO Internal Control Model
What is Control Activities?
Responsible for internal control
Who is the organisation's management?
The responsibility and evaluation of these two are in the Act
Who is The management and independent auditor ?
The fourth level of the COSO Internal Control Model
What is information and communication?
The duties of an organisations when it comes to internal control
What is "
(1) protecting its resources against waste, fraud, and inefficiency; (2) ensuring accuracy and reliability in accounting and operating data; (3)
securing compliance with the policies of the organization; and (4) evaluating the level of performance in all organizational units of the organization. Internal controls are simply good business practices." ? (Delaware State University)
Tool used in order to organise procedures conducted through internal control
What is COSO Internal Control Model ?
The fifth level of the COSO Internal Control Model
What is monitoring?