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Some entity-level controls have an indirect effect on the chances of detecting or preventing a misstatement on a timely basis. They do not directly relate to risks at the financial statement assertion level. Affect control selection, and the nature, timing, and extent of the procedures performed. Monitoring
Planning and Supervision full-text: March 1978 23: Analytical Review Procedures full-text: October 1978 24: Review of Interim Financial Information full-text: March 1979 25: The Relationship of Generally Accepted Auditing Standards to Quality Control Standards full-text: November 1979 26: Association with Financial Statements full-text ...
Control activities are the policies and procedures that help ensure that management directives are carried out. They help to ensure that the necessary measures are taken to address the risks that may hinder the achievement of the entity's objectives. Control activities occur throughout the organization, at all levels and in all functions.
Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.
Asset: A present economic resource controlled by the entity as a result of past events which are expected to generate future economic benefits. Liability: A present obligation of the entity to transfer an economic resource as a result of past events. Equity: The residual interest in the assets of the entity after deducting all its liabilities.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) identifies five components of internal control: control environment, risk assessment, control activities, information and communication and monitoring, that need to be in place to achieve financial reporting and disclosure objectives; COBIT provides similar detailed ...
AA Berle, Non-Voting Stock and Bankers Control (1925–1926) 39 Harvard Law Review 673; AA Berle, Corporate Powers as Powers in Trust (1931) 44 Harvard Law Review 1049; AA Berle, The Theory of Enterprise Entity (1947) 47(3) Columbia Law Review 343; AA Berle, The Developing Law of Corporate Concentration (1952) 19(4) University of Chicago Law ...
Domain specific GRC vendors understand the cyclical connection between governance, risk and compliance within a particular area of governance. For example, within financial processing — that a risk will either relate to the absence of a control (need to update governance) and/or the lack of adherence to (or poor quality of) an existing control.