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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.
ISA 400 Risk Assessments and Internal Control is one of the International Standards on Auditing. 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 .
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 Assessment, Information & Communication, Monitoring, and Control Activities).
AICPA Professional Standards, AT-C sec. 310 Reporting on Pro Forma Financial Information; AICPA Professional Standards, AT-C sec. 315 Compliance Attestation; AICPA Professional Standards, AT-C sec. 320 Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control Over Financial Reporting
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 ...
The Public Company Accounting Oversight Board, formed to oversee the external audit profession, published Auditing Standard 2201 which requires that auditors "use the same appropriate and recognized control framework to conduct their internal control audit on the financial information that management uses to its annual evaluation of the ...
The Codification of Statements on Auditing Standards is generally issued in January, and the U.S. Auditing Standards is issued as part of the AICPA Professional Standards in June of each year. The current U.S. Auditing Standards are available at the AICPA's Web site. Below is a list of older codifications from the Professional Standards.
Guidelines for Internal Control Standards for the Public Sector (1992 - The current text is the 2004 revision by the INTOSAI Internal Control Standards Committee, approved by the XVIIIth INCOSAI of October 2004. It has been subsequently integrated in the INTOSAI standards/guidances as "INTOSAI GOV 9100").