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Accounting

TermDefinition
Control Environment Foundation for all other components of internal control, providing discipline, process and structure as established by the board and senior management.
Risk Assessment A dynamic process which management must consider possible changes in the external environment and within the business that may be obstacles to its objectives
Control Activities Established to help insure that management's directives to mitigate risks get carried out. Control activities are preformed at all levels and at various stages within the business process over technology
Information and Communication Communication must occur internally and externally to provide information needed to carry out day-to-day internal control activities. All personnel must understand their responsibilities.
Monitoring Activities Evaluations ascertain whether each component of internal control is present and functioning. Deficiencies are communicated in a timely manner, with serious matters reported to senior management and the board.
Created by: zrafto10