Ch3_part1 - COSO Framework (1) Importance of Effective...

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Unformatted text preview: COSO Framework (1) Importance of Effective Internal Controls ACT3642 1/2010 A. Phassawan S. Importance of Effective Internal Controls Internal control is one of the most important and fundamental concepts that business professionals at all levels and both external and internal must understand. Business professionals build and use internal controls. An internal auditors review both operational and financial areas in the enterprise with an objective of evaluating their internal controls. Definition of Internal Controls Internal controls are process, implemented by management, that are designed to provide reasonable assurance for: Reliable financial and operational information Compliance with policies and procedures plans, laws, rules, and regulations Safeguarding of assets Operational efficiency Achievement of an established mission, objectives, and goals for enterprise operations and programs Integrity and ethical values Importance of Effective Internal Controls...
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Ch3_part1 - COSO Framework (1) Importance of Effective...

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