Internal Control Discussions
COSO’s definition of internal control is
“a process, affected by an entity’s board of
directors, management, and other personnel,
designed to provide reasonable assurance
regarding the achievement of objectives relating
to operations, reporting, and compliance.”
It also identifies five components of internal
control: the control environment, risk
assessment, control activities, information
and communication, and monitoring. CPAs
can use the framework and its underlying
directions on operational, reporting, and compliance
objectives to advise small and
entrepreneurial organizations on how they
can improve both their business operations
and bottom line.
Internal Control DiscussionsCOSO’s definition of internal control is“a process, affected by an entity’s board ofdirectors, management, and other personnel,designed to provide reasonable assuranceregarding the achievement of objectives relatingto operations, reporting, and compliance.”It also identifies five components of internalcontrol: the control environment, riskassessment, control activities, informationand communication, and monitoring. CPAscan use the framework and its underlyingdirections on operational, reporting, and complianceobjectives to advise small andentrepreneurial organizations on how theycan improve both their business operationsand bottom line.
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