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Control built within a process is internal in nature. It takes place with a combination of interrelated components – such as social environment effecting behavior of employees, information necessary in control, and policies and procedures. Internal control structure is a plan determining how internal control consists of these elements. [3]
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.
Common criteria are labeled as, Control environment (CC1.x), Information and communication (CC2.x), Risk assessment (CC3.x), Monitoring of controls (CC4.x) and Control activities related to the design and implementation of controls (CC5.x). Common criteria are suitable and complete for evaluation security criteria.
Management control as an interdisciplinary subject. A management control system (MCS) is a system which gathers and uses information to evaluate the performance of different organizational resources like human, physical, financial and also the organization as a whole in light of the organizational strategies pursued.
Governance activities ensure that critical management information reaching the executive team is sufficiently complete, accurate and timely to enable appropriate management decision making, and provide the control mechanisms to ensure that strategies, directions and instructions from management are carried out systematically and effectively. [12]
Information technology general controls (ITGC) are controls that apply to all systems, components, processes, and data for a given organization or information technology (IT) environment. The objectives of ITGCs are to ensure the proper development and implementation of applications, as well as the integrity of programs, data files, and ...
ISAE 3402 defines two kinds of reports: Type I: Documenting a "snapshot" of the organization's controls; Type II: Documenting over a period of time (typically 12 months) showing controls have been managed over time. [4] ISAE 3402 is a SOC 1 engagement. SOC is an acronym coined by the American Institute of Certified Public Accountants (AICPA ...
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.