This resource helps organizations design and implement internal control in light of many changes in business and operating environments since the issuance of the original 1992 Framework. The new Framework retains the core definition of internal control and the five components of internal control and emphasizes the importance of management judgment in designing, implementing, and conducting a system of internal control, and assessing its effectiveness. It broadens the application of internal control in addressing operations and reporting objectives and clarifies the requirements for determining what constitutes effective internal control.
Executive Summary - Lays out the definition and limitations of internal control, and the requirements for an effective system of internal control, including a description of the roles of components and principles.
Framework & Appendices - Contains the five components and 17 principles of an effective system of internal control, illustrates approaches and examples relating to entity objectives, and provides direction for all levels of management to use in designing, implementing and conducting a system of internal control, and in assessing its effectiveness.
Illustrative Tools for Assessing a System of Internal Control - Provides templates and scenarios for applying the Framework. It helps management assess if a system of internal control meets the requirements for effective internal control.
Get a link to an Excel file with four templates including overall assessment, components, principles and deficiencies. Customize the templates to match the facts and circumstances in your organization.
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