Auditing Standard ASA315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment says:

Internal control means the process designed, implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entitys objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations, and compliance with applicable laws and regulations. The term controls refers to any aspects of one or more of the components of internal control.

Identify and briefly explain the key aspects or principles of internal control and auditing.

What are the differences in the main objectives of internal controls and internal auditing?

Your answer should include a brief discussion of the five interrelated components of an internal control systems, the five primary recording objectives of an accounting system, and identify the six factors the auditor should consider when deciding which internal controls should be assessed as part of an audit.

(Note: For each of the components, objectives and factors in above mentioned task, a brief description of each is required).