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Discuss five interrelated com ponents of Internal Controls.

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

•Control Environment: Elements that establish the control context in which specific accounting systems and control procedures must operate. The control environment is manifested in management’s operating style, the ways authority and responsibility are assigned, the functional method of the audit committee, the methods used to plan and monitor performance and so on. •Risk Assessment: Elements that identify and analyze the risks faced by an organization and the way the risk can be managed. Both external and internal auditors are concerned with errors or irregularities that cause material losses to an organization. •Control Activities: Elements that operate to ensure transactions are authorized, duties are segregated, adequate documents and records are maintained, assets and records are safeguarded, and independent checks on performance and valuation of records. These are called accounting controls. Internal auditors are also concerned with administrative controls to achieve effectiveness and efficiency objectives. •Information and Communication: Elements, in which information is identified, captured and exchanged in a timely and appropriate form to allow personnel to discharge their responsibilities. •Monitoring: Elements that ensure internal controls operate reliably over time. Thanks & Regards Ashu

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

•Control Environment: Elements that establish the control context in which specific accounting systems and control procedures must operate. The control environment is manifested in management’s operating style, the ways authority and responsibility are assigned, the functional method of the audit committee, the methods used to plan and monitor performance and so on. •Risk Assessment: Elements that identify and analyze the risks faced by an organization and the way the risk can be managed. Both external and internal auditors are concerned with errors or irregularities that cause material losses to an organization. •Control Activities: Elements that operate to ensure transactions are authorized, duties are segregated, adequate documents and records are maintained, assets and records are safeguarded, and independent checks on performance and valuation of records. These are called accounting controls. Internal auditors are also concerned with administrative controls to achieve effectiveness and efficiency objectives. •Information and Communication: Elements, in which information is identified, captured and exchanged in a timely and appropriate form to allow personnel to discharge their responsibilities. •Monitoring: Elements that ensure internal controls operate reliably over time.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Internal Controls comprise of the following five interrelated components: • Control Environment: -------------------- Elements that establish the control context in which specific accounting systems and control procedures must operate. The control environment is manifested in management’s operating style, the ways authority and responsibility are assigned, the functional method of the audit committee, the methods used to plan and monitor performance and so on. •Risk Assessment: ----------------- Elements that identify and analyze the risks faced by an organization and the way the risk can be managed. Both external and internal auditors are concerned with errors or irregularities that cause material losses to an organization. •Control Activities ------------------- : Elements that operate to ensure transactions are authorized, duties are segregated, adequate documents and records are maintained, assets and records are safeguarded, and independent checks on performance and valuation of records. These are called accounting controls. Internal auditors are also concerned with administrative controls to achieve effectiveness and efficiency objectives. •Information and Communication ------------------------------ : Elements, in which information is identified, captured and exchanged in a timely and appropriate form to allow personnel to discharge their responsibilities. •Monitoring: ------------ Elements that ensure internal controls operate reliably over time. Symbol for Headings is **ICRAM**

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Internal Controls comprise of the following five interrelated components: •**Control Environment:** Elements that establish the control context in which specific accounting systems and control procedures must operate. The control environment is manifested in management’s operating style, the ways authority and responsibility are assigned, the functional method of the audit committee, the methods used to plan and monitor performance and so on. •**Risk Assessment:** Elements that identify and analyze the risks faced by an organization and the way the risk can be managed. Both external and internal auditors are concerned with errors or irregularities that cause material losses to an organization. •**Control Activities:** Elements that operate to ensure transactions are authorized, duties are segregated, adequate documents and records are maintained, assets and records are safeguarded, and independent checks on performance and valuation of records. These are called accounting controls. Internal auditors are also concerned with administrative controls to achieve effectiveness and efficiency objectives. •**Information and Communication:** Elements, in which information is identified, captured and exchanged in a timely and appropriate form to allow personnel to discharge their responsibilities. •**Monitoring:** Elements that ensure internal controls operate reliably over time.

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