The importance of internal control has gained increasing recognition among management, external auditors, regulators, and others.

Required

a. What is internal control and what is it intended to provide to an entity?

b. What fundamental concepts are embodied in the definition of internal control?

c. List the five components of an internal control structure.

d. When considering the effectiveness of an internal control structure, what are the inherent limitations that should be considered.

e. Identify six parties who have a role or responsibility regarding an entity's ICS and briefly state the role or responsibility of each.