Accounting
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Control Environment | Foundation for all other components of internal control, providing discipline, process and structure as established by the board and senior management.
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| 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
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| 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
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| 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.
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| 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.
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zrafto10
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