CHPATER 3

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CHPATER 3

Internal Control Examples

Physical security

Lockbox systems

Internal audits

Insurance and bonding

Firewalls

Edit checks

Document matching

Data encryption

Bank reconciliation

Backup of power supplies

Backup of Computer Files

Background Checks

Adequate Documentation

Internal Controls by Damir Dzubic

COSO'S Internal Control Integrated Framework

Control Environment

Top management tone

Control Activities

Actuall internal controls on the basis of the risk assesment.

Information and Communication

For the system to work the communication must be throughout the organization

Monitoring

Quality of internal control performance and assurance it is running effectively.

Risk Assessment

Involves using taxonomy, business experience, research and dialogue to identify the risk associated with operations.

Risk

Hazard Risk

Directors' and officers' liability

Directors' and Officers' liability

Strategic

Business Strategy Risk

Poor management decision makiing risk

Legal and Regulatory Risk

Risk of breaking the law

Operational

Human Error Risk

People make mistates

Systems Risk

Referes to IT and computer related risks

Financial

Liquidity

Possibility of not have cash for demand

Credit

Inability or not willing to pay amounts owed

Market Risk

Changes in stock prices, investment value, and interest rate

Internal Controls

Encourage Comliance with mgmt's directives

Promote Ops Efficiency

Ensure Fin Statement Reliability

Safegurard Assets