Management and Organizational Studies 3363A/B Chapter Notes - Chapter 8: Internal Control, Financial Statement, Internal Audit

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3363A/B
• Professor: Michelle Loveland

Document Summary

Chapter 8 internal control and coso framework. ** in this chapter, it is in the perspective of management. Internal controls the policies and procedures designed to provide management with reasonable assurance that the company achieves its objectives and goals. The set of standards, processes, and structures that provide the basis for internal control across the entity. The board of directors and management establish the overall tone regarding internal control and its importance. The control environment has a pervasive impact on the overall system of control. The process of identification and analysis of risks relevant to the preparation of financial statements in conformity with an applicable financial reporting framework. Actions established by policies and procedures to help ensure that management"s directives to mitigate risks to achieve its objectives are met. Control activities are performed at all levels of the entity. Information is necessary to carry out internal control responsibilities.