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Internal Control Components The most widely accepted internal control framework in the United States contains the following five components. 1 . The control activitiescontrol environmentinformation
Internal Control Components
The most widely accepted internal control framework in the United States contains the following five components.
The
control activitiescontrol environmentinformation and communication systemmonitoring processesrisk assessment
is the policies, procedures, and attitudes of the top management and owners of the business.
Control activitiesControl environmentInformation and communication systemMonitoring processesRisk assessment
is managements process for identifying, analyzing, and responding to its business risks.
Control activitiesControl environmentInformation and communication systemMonitoring processesRisk assessment
are the policies and procedures established to help management meet its control objectives.
Control activitiesControl environmentInformation and communication systemMonitoring processesRisk assessment
is the set of procedures, processes, and records established to initiate, process, record, and report the businesss transactions.
Control activitiesControl environmentInformation and communication systemMonitoring processesRisk assessment
are the methods used by management to determine that controls are operating properly, and that the controls are modified in response to changes in assessed risks.
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