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    Andy Le
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    The document outlines the 5 interrelated components of internal control according to COSO: 1) Control environment sets the tone of the organization, 2) Risk assessment involves identifying risks that interfere with objectives, 3) Control activities are policies and procedures to address risks, 4) Information and communication involves systems to process events, and 5) Monitoring ensures controls are functioning as intended.

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    The document outlines the 5 interrelated components of internal control according to COSO: 1) Control environment sets the tone of the organization, 2) Risk assessment involves identifying risks that interfere with objectives, 3) Control activities are policies and procedures to address risks, 4) Information and communication involves systems to process events, and 5) Monitoring ensures controls are functioning as intended.

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    3 views1 page

    COSO

    Uploaded by

    Andy Le
    The document outlines the 5 interrelated components of internal control according to COSO: 1) Control environment sets the tone of the organization, 2) Risk assessment involves identifying risks that interfere with objectives, 3) Control activities are policies and procedures to address risks, 4) Information and communication involves systems to process events, and 5) Monitoring ensures controls are functioning as intended.

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    © All Rights Reserved
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    Internal Control under COSO Report

    5 interrelated components of internal control:

    1. Control environment:
    broad factors that set the tone of an org. and affect the control consciousness of its employees (e.g.
    integrity, ethical values, and mgmt philosophy, etc).

    2. Risk assessment:
    The identification and analysis of risks that interfere with the accomplishment of IC
    objectives.

    3. Control activities:
    Policies and procedures developed by the org. to address the risks (e.g. performance
    review, segregation of duties, application controls, and general controls, etc)

    4. Information and communication


    The firms IS is a collection of procedures and records established to initiate, record,
    process, and report the events in an entitys process.

    5. Monitoring:
    Mgmt should monitor IC to make sure that the org.s controls are functioning as intended.
    AFM341

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