Maintaining effective internal control is the responsibility of the
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Return to CHAPTER 20 Who is responsible for maintaining internal controls?Management is responsible for establishing internal controls. In order to maintain effective internal controls, management should: Maintain adequate policies and procedures; Communicate these policies and procedures; and.
Who is responsible for the effectiveness of internal controls over financial reporting?71. The auditor should form an opinion on the effectiveness of internal control over financial reporting by evaluating evidence obtained from all sources, including the auditor's testing of controls, misstatements detected during the financial statement audit, and any identified control deficiencies.
What is an auditor's responsibility for internal control?The Duties of an Internal Auditor
Objectively assess a company's IT and/or business processes. Assess the company's risks and the efficacy of its risk management efforts. Ensure that the organization is complying with relevant laws and statutes. Evaluate internal control and make recommendations on how to improve.
What is effective internal control?An effective internal control system provides reasonable assurance that policies, processes, tasks, behaviours and other aspects of an organisation, taken together, facilitate its effective and efficient operation, help to ensure the quality of internal and external reporting, and help to ensure compliance with ...
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