Lesson 6

Lesson 6 - Name: Jay Patadia Enrollment Number: 688430...

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Name: Jay Patadia Enrollment Number: 688430 Course Number: ACCT 3222Z Lesson 6 6-2 describes the five components of internal controls. - Internal control as defined by COSO framework consists of five components: 1. The control environment a. The control environment sets the tone of an organization, influencing the control consciousness of its people. It is the foundation for effective internal control, providing discipline and structure. 2. The entity’s risk assessment process a. The process of identifying and responding to business risk and the result thereof. 3. The information system and related business process relevant to financial reporting and communication a. The information system relevant to financial reporting objectives, which includes the accounting systems, consist of the procedures, whether automated or manual, and records establish to initiate, record, process, and report entity transactions and to maintain accountability for the related assets, liabilities, and equity. 4.
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This note was uploaded on 03/04/2012 for the course AUD 3222 taught by Professor Na during the Spring '12 term at LSU.

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Lesson 6 - Name: Jay Patadia Enrollment Number: 688430...

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