I need the full brief for the answer my subject is Auditing ------ Q1- What is...

I need the full brief for the answer my subject is Auditing

------

Q1- What is the concept of internal control? Discuss its components in details

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Expert Solution

Answer:

Definition of Internal control:

The process designed, implemented & maintained by those charged with governance, management & other personnel to provide reasonable assurance about the achievement of entity objectives with regard to,

Reliability of financial reporting
Effectiveness & efficiency of operations
safeguarding of assets &
compliances with applicable laws & regulations.

Components of internal control:

Control Environment: control environment includes the governance & management functions and the attitudes, awareness & actions of those charged with governance & management concerning the internal control & its importance.
Risk Assessment Process: The entity risk assessment process forms the basis for how management determines the risk to be managed. if that process is appropriate to the circumstances it assists the auditor to identify the risk of material misstatement.
Control information Activities: Contro activities involve performance review, information processing & also physical controls.
Monitoring of controls: An important management responsibility is to establish & maintain internal control on continuous basis & its monitoring is too important.

ekkarill92 answered 1 year ago

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