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INFORMATION AND COMMUNICATION
- A process that assesses the quality of the system’s performance over time
- It involves separate evaluations or periodic monitoring
- Integrity and ethical values
- Commitment to competence
- Board of Directors
- Management’s philosophy and operating style
- Organizational structure
- Assignment of authority and responsibility
- Human Resource policies and practice
monitoring
- Control Environment
- Risk Assessment
- Control Activities
- Information and Communication
- Monitoring
The foundation of all other
components of
internal control.
eLEMENTS
quantitative
As to function:
CONTROL DEVICES
qualitative
- PREVENTIVE
- -preventive controls are intended to deter undesirable events.
- DETECTIVE/CORRECTIVE
- -to detect and correct undesirable events occurred.
vertical
- Relevant internal and external information should be identified, captured, and communicated in a timely manner and in appropriate forms.
- It may be informal of formal
2 ways of communicating
- Changes in the operating environment
- New personnel
- New revamped information system
- Rapid growth
- New technology
- New business lines, products, or activities
- Corporate restructurings
- Expanded foreign operations
As to Nature:
horizontal
FINANCIAL OR ACCOUNTING CONTROLS – it may include:
*proper authorization
*appropriate accounting
*safeguarding of assets
*compliance with laws, regulations, and contracts
ADMINISTRATIVE CONTROLS
- applicable to support activities like production
control environment
Factors to consider in developing control activities
Factors affecting risk
- Performance reviews
- Performance reviews at the functional or activity level
- Analysis of performance indicators
- Information processing
- Physical controls
- Segregation of duties
types of control
Policies and procedures helping to ensure that management directives are executed and actions are taken to address risks affecting achievement of objectives
. RISK ASSESSMENT
CONTROL ACTIVITIES
Identifies and analyzes external or internal risks affecting achievement of the objectives at the activity level as well as entity level.
CHARACTERISTICS of EFFECTIVE CONTROL
AUDITING
- Economical
- Meaningful
- Appropriate
- Congruent
- Timely
- Simple
- Operational
COMPONENTS OF CONTROL
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