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Internal Control and Control Self-Assessment

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Presentation on theme: "Internal Control and Control Self-Assessment"— Presentation transcript:

1 Internal Control and Control Self-Assessment
Modern Tools for Modern Times

2 ORIGIN OF COSO COMMITTEE OF SPONSORING ORGANIZATIONS
(TREADWAY COMMISSION) AICPA Advisory Committee American Accounting Institute Institute of Internal Auditors Institute of Mgmt Accountants Financial Executives Institute Internal Control - Integrated Framework

3 I N T E R N A L C O N T R O L IS A PEOPLE PROCESS
ACTIONS TAKEN BY MANAGEMENT & STAFF TO PROVIDE REASONABLE ASSURANCE THAT AGENCY WILL ACHIEVE OBJECTIVES: O perations - Effective & Efficient C ompliance with Laws & Regs F inancial & Mgmt Reporting Reliable & Timely S afeguard Assets Internal Control - Integrated Framework

4 COSO Ingredients FIVE COMPONENTS Control Environment Risk Assessment
Control Activities Information & Communication Monitoring Internal Control - Integrated Framework

5 Control Environment Sets the Tone of Organization
Foundation for All Other Components Integrity, Ethical Values & Competence Management's Philosophy & Operating Style Assignment of Authority & Responsibility Organizational Structure Internal Control - Integrated Framework

6 RISKS CAN GET IN THE WAY OF OBJECTIVES
Risk Assessment RISKS CAN GET IN THE WAY OF OBJECTIVES Precondition: Establishment of Objectives Can Be External or Internal e.g. External - Vendor or Claimant Fraud e.g. Internal - Computer Glitches Relates Risks to Achievement of Objectives Determines How Risks Are to Be Managed Internal Control - Integrated Framework

7 Control Activities Policies & Procedures
Actions Taken to Address Risks Includes Approval, Authorization, Verification, Reconciliation, Segregation of Duties Internal Control - Integrated Framework

8 Information & Communication
Must Be Timely & Relevant Can Be Operational, Financial or Compliance-Related Must Cover Internal & External Events Must Flow Down, Across & Up Must Involve External Parties Internal Control - Integrated Framework

9 Monitoring & Evaluation
Assess Quality Over Time Ongoing and/or Periodic Evaluations Occurs During the Normal Course of Business Scope & Frequency of Separate Evaluations Should Be Related to Risk & Effectiveness of Ongoing Monitoring Internal Control - Integrated Framework

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