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  2. Internal control - Wikipedia

    en.wikipedia.org/wiki/Internal_control

    Internal control structure is a plan determining how internal control consists of these elements. [3] The concepts of corporate governance also heavily rely on the necessity of internal controls. Internal controls help ensure that processes operate as designed and that risk responses (risk treatments) in risk management are carried out (COSO II ...

  3. Committee of Sponsoring Organizations of the Treadway ...

    en.wikipedia.org/wiki/Committee_of_Sponsoring...

    Internal auditors play an important role in assessing the effectiveness of control systems. As an independent function that informs senior management, internal audit can evaluate the internal control systems implemented by the organization and contribute to continued effectiveness. As such, internal auditing often plays an important "monitoring ...

  4. Entity-level control - Wikipedia

    en.wikipedia.org/wiki/Entity-Level_Control

    This standard contains the standards over performing an audit of internal control over financial reporting that is integrated with an audit of financial statements. The auditor must test entity-level controls that are important to the auditor's conclusion about whether the company has effective internal control over financial reporting .

  5. Control environment - Wikipedia

    en.wikipedia.org/wiki/Control_environment

    A control environment, also called "Internal control environment", is a term of financial audit, internal audit and Enterprise Risk Management.It means the overall attitude, awareness and actions of directors and management (i.e. "those charged with governance") regarding the internal control system and its importance to the entity.

  6. Information technology controls - Wikipedia

    en.wikipedia.org/wiki/Information_technology...

    They are a subset of an organisation's internal control. IT control objectives typically relate to assuring the confidentiality, integrity, and availability of data and the overall management of the IT function. IT controls are often described in two categories: IT general controls and IT application controls. ITGC includes controls over the ...

  7. Internal audit - Wikipedia

    en.wikipedia.org/wiki/Internal_audit

    Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. [1]

  8. Risk control - Wikipedia

    en.wikipedia.org/wiki/Risk_control

    Risk control, also known as hazard control, is a part of the risk management process in which methods for neutralising or reduction of identified risks are implemented. . Controlled risks remain potential threats, but the probability of an associated incident or the consequences thereof have been significantly red

  9. Board of directors - Wikipedia

    en.wikipedia.org/wiki/Board_of_directors

    The internal auditors are required by law to report directly to an audit board, consisting of directors more than half of whom are outside directors, one of whom is a "financial expert". The law requires companies listed on the major stock exchanges (NYSE, NASDAQ) to have a majority of independent directors—directors who are not otherwise ...