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Inside Internal Controls

News and discussion on implementing risk management

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Internal control system: How is your accountability?

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In COSO’s updated Internal Control – Integrated Framework, one of the 17 principles they present is that the organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives. Have you considered how your control system enforces accountability?

 

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How does your organization assess the effectiveness of internal audits?

Typically, the stewardship responsibilities of a board of directors include the identification of an organization’s principal risks, the implementation of systems to manage them, and the integrity of internal control and management information systems. Typically, an internal audit function plays a key role in assessing and reporting on these areas.

 

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