Summary on Internal Controls

What Is Internal Control?

Internal Control is a process within an organization designed to provide reasonable assurance:

  • That information is reliable, accurate, and timely.
  • Of compliance with policies, plans, procedures, laws, regulations, and contracts.
  • That assets (including people) are safeguarded.
  • Of the most economical and efficient use of resources.
  • That overall established objectives and goals are met.

Internal controls are intended to prevent errors or irregularities, identify problems, and ensure that corrective action is taken.

Internal Control

 

Internal Control Pyramid

Your Internal Control Pyramid

Your Internal Control Pyramid

What's the overall tone from Management?