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tem of internal controls cannot accurately be assessed as adequately designed or operating effectively. However, by definition, the internal audit function is an independent monitoring function according to COSO. The internal audit function can contribute to overall governance by providing an additional, independent layer of monitoring that can give external parties added confidence in the organization’s system of internal controls.CASESCase 1The following grading guide will assist in assigning points for the case study. The following three items provide a basis for evaluating that the necessary components are present for each of the five photographed controls required in the case study.1. Photographs of five differentcontrols.1. 2. 3. 4. 5.2. Clear indication of whether each control is designed to mitigate the threat of bad things happening or the threat of good things not happening.1. 2. 3. 4. 5. The objective(s) each control is designed to address.1. 2. 3. 4. 5.