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An entity-level control is a control that helps to ensure that management directives pertaining to the entire entity are carried out. These controls are the second level [ clarification needed ] to understanding the risks of an organization.
Internal control is a key element of the Foreign Corrupt Practices Act (FCPA) of 1977 and the Sarbanes–Oxley Act of 2002, which required improvements in internal control in United States public corporations. Internal controls within business entities are also referred to as operational controls. The main controls in place are sometimes ...
There are two primary levels at which objectives (and also controls) are defined: entity-level and assertion level. An example of an entity-level control objective is: "Employees are aware of the Company's Code of Conduct." The COSO 1992–1994 Framework defines each of the five components of internal control (i.e., Control Environment, Risk ...
It serves to require the auditor to understand the client's accounting system and internal control system and to assess control risk and inherent risk. The objective is to determine the nature, timing and extent of substantive procedures in order to reduce audit risk to an acceptable low level.
These control criteria are to be used by the practitioner/examiner (Certified Public Accountant, CPA) in attestation or consulting engagements to evaluate and report on controls of information systems offered as a service. The engagements can be done on an entity wide, subsidiary, division, operating unit, product line or functional area basis.
Control is a function of management that helps to check errors and take corrective actions. This is done to minimize deviation from standards and ensure that the stated goals of the organization are achieved in a desired manner.
A bank holding company is a corporate entity that owns a controlling interest in one or more banks. While a bank holding company doesn’t offer banking services directly, it manages banks that do.
International Standard on Assurance Engagements (ISAE) 3402, titled Assurance Reports on Controls at a Service Organization, is an international assurance standard that describes Service Organization Control (SOC) engagements, which provides assurance to an organization's customer that the service organization has adequate internal controls. [1]