Internal Control Best Practices

title

Internal Control Best Practices

author

Bernard Szlachta (NobleProg Ltd)

Internal Controls ⌘

Internal Controls

ensure that:

• the business is being run in accordance with the overall plan
• financial statements and management reporting present an accurate view of the operations
• all activities comply to regulations

Controls Types ⌘

Controls can be enforced over:

1. Planning and budgeting
2. Operational Risk
3. Finacial Statemetn Risk
4. Compliance-Related controls
5. Audit Imperative (general validation of controls)
6. Remediation (over control process as opose to operations)
7. COSO ERM