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Post details: SARBANES OXLEY & COSO - DEFINITION OF INTERNAL CONTROL
01/24/06
SARBANES OXLEY & COSO - DEFINITION OF INTERNAL CONTROL
Today, I am going back to the basics. Lets talk about the definition of internal control. The most popular definition of internal controls goes something like.....
"Internal Control is a process effected by an entity's board of directors, management and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the following categories namely.
- Effectiveness and Efficiency of Operations
- Reliability of Financial Reporting
- Complaince with Applicable Laws and Regulations"
Some of the key points coming out of this definition are first, internal control begins with a strong control environment. Internal control is applicable to all business processes. And lastly, internal control should be built "into" and not "onto" the various business processes.
More on Internal Controls >>
Control Environment , Internal Control Maturity Framework , SOX Disclosure Controls , Real Time Disclosures
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