ACC491 Grand Canyon University COSO Internal Control Components Response Respond to the following in a minimum of 145words
The need for internal controls can help every business stay on track and help a company know what their business is worth and if there are certain areas that should be a concern. It is important for every business to know what their state laws are and federal government. When companies do not follow the laws and regulations there are regulatory bodies who enforce these such as the Board of Directors, Audit Committee, SEC, FINRA, and the FCC. Internal Controls have roles that have multiple controls and they also have activities that help the company establish responsibility across the different types of controls. Company owners should use internal controls to establish procedures for all employees to follow and help prevent fraud and theft. This presentation will go into detail about what internal controls are and the different aspects of how to establish them.
Internal control is a system of internal control consists of policies and procedures designed to provide management with reasonable assurance that the company achieves its objectives and goals.
The COSO internal control components include the following:
1. Control environment: consists of the actions, policies, and procedures that reflect the overall attitudes of top management, directors, and owners of an entity about internal control and its importance to the entity.
2. Risk assessment: for financial reporting is management’s identification and analysis of risks relevant to the preparation of financial statements in conformity with appropriate accounting standards.
3. Control activities: are the policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity’s objectives.
4. Information and communication: the purpose is to initiate, record, process, and report the entity’s transactions and to maintain accountability for the related assets.
5. Monitoring: activities deal with ongoing or periodic assessment of the quality of internal control by management to determine that controls are operating as intended and that they are modified as appropriate for changes in conditions
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