Types of Internal Controls
These types of controls attempt to deter or stop an unwanted outcome before it happens.(USCF, Internal controls)
What is Preventative controls
The identification and analysis of relevant risks to achievement of the objectives, forming a basis for determining how the risks should be managed. (UCSF, Internal Controls)
What is Risk Assessment
Often considered the "first Line of defense" when it comes to internal controls. (Ole Miss University)
What is Management?
These types of controls are formal and tangible. An example would be a corporate policy (UCSF, Internal Controls)
What is a hard control
This component establishes the structure and commitment to the organizations values. (Components of internal control)
What is Control Environment
This type of audit ensures compliance measures are met and can express conformity with accounting standards. (Ole Miss University)
These types of controls are preformed entirely by auto generated or by a computer system (UCSF, Internal Control)
What is an Automated control
This component facilitates the information sharing between customers, employees and steak-holders. (Components of internal control)
What is Communication
This type of audit follows systematic approaches to risk management and looks at the effectiveness of controls (Ole Miss University)
What is an internal Audit
These types of controls help an operation to run more smoothly but are not 100% necessary to the success of the organization (USCF, Internal Control)
What is a secondary control
This component helps to reduce risks of things that would impede accomplishments and helps the organization effectively meet goals. (Components of internal control)
What is Control Activities
Specific policies fall under which of the five internal control components? (Ole Miss University)
What is Control Activities
This type of control works to detect an issue that has already occurred. Example accounting audits. (UCSF, Internal Controls)
What is Detection control
This component helps to review previous activities for quality assurance and determines whether or not the controls are affective. (Components of internal control)
What is Monitoring
Quarterly performance reports would fall under which category of Internal Control Components? (ole Miss University)
What is Monitoring