Please login here to save this document to a list.
If you don't have an account, you can register for free here.
ALL FEES INCLUDED
|Add to Cart|
What is Internal Control?
Similar to the term "corporate governance," there are many varying definitions of internal control. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines internal control as:
Internal control is a process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance.
The COSO model is a holistic framework, that is generally accepted and used globally. It serves as an underlying basis for other internal control models, including those developed by the Basel Committee on Banking Supervision (Basel's Framework). Sponsored by five nonprofit organizations, COSO aims at providing thought leadership on internal control and enterprise risk management. It achieves its mission through publishing guidance and framework that companies and organizations around the globe can apply in their practices. COSO published its first guidance, Internal Control – Integrated Framework, in 1992. The initial framework was subsequently complemented by derivative frameworks on various internal control aspects. In May 2013, COSO issued an updated version of the initial framework.
Organizations should design their internal control system according to existing best practice standards. The COSO Framework focuses on the following five integrated components:
A- Control Environment is the set of standards, processes, and structures that provide the basis for carrying out internal control across the organization.
B- Risk Assessment involves a formal process for identifying and assessing risks affecting the achievement of objectives.
C- Control Activities are the actions established through policies and procedures that help ensure management's directives to mitigate risks affecting the achievement of objectives are carried out, performed at all levels of the entity, at various stages within business processes, and over the technology environment.
D- Information and Communication refer to the continual, iterative process of providing, sharing, and obtaining necessary information. Management obtains, generates, and uses relevant and quality information from both internal and external sources to support the functioning of other components of internal control.
E- Monitoring Activities are ongoing or separate evaluations to ascertain whether each of the five components of internal control are adequate and functioning.
This 72-slides document is easily customizable and contains many powerful diagrams, ice-breakers, pictures, ... to get the holistic view of Internal Control System (COSO's Internal Control Framework).
Got a question about the product? Email us at email@example.com or ask the author directly by using the "Ask the Author a Question" form. If you cannot view the preview above this document description, go here to view the large preview instead.
Source: Best Practices in COSO Framework PowerPoint Slides: Internal Control System - COSO's Framework PowerPoint (PPTX) Presentation, RadVector Consulting
ABOUT THE AUTHOR: RADVECTOR CONSULTING
We are a group of aviation experts & specialists (PhDs, Engineers, Pilots, Navigators, ...), leaders in helping organizations to transform their business performance using Methodologies and Principles of Lean, Agile, Six Sigma, and Innovation.
RadVector Consulting has published 72 additional documents on Flevy.
This business document is categorized under the function(s): Operations Governance, Risk, & Compliance
It applies to All Industries
File Type: PowerPoint (pptx)
File Size: 1.5 MB
Number of Slides: 72 (includes cover, transition, & marketing slides)
Related Topic(s): COSO Framework
Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.
Initial upload date (first version): Jan 28, 2023
Most recent version published: Jan 30, 2023
|Download our free compilation of 50+ Strategy & Transformation slides and templates. Frameworks include McKinsey 7-S Strategy Model, Balanced Scorecard, Disruptive Innovation, BCG Experience Curve, and many more. To receive this free download, enter your email address below and click the "Email Me" button.|
"FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight – it's like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead."
– Roderick Cameron, Founding Partner at SGFE Ltd
"I have found Flevy to be an amazing resource and library of useful presentations for lean sigma, change management and so many other topics. This has reduced the time I need to spend on preparing for my performance consultation. The library is easily accessible and updates are regularly provided. A wealth of great information."
– Cynthia Howard RN, PhD, Executive Coach at Ei Leadership
"My FlevyPro subscription provides me with the most popular frameworks and decks in demand in today’s market. They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions. I strongly recommend FlevyPro to any consultant serious about success."
– Bill Branson, Founder at Strategic Business Architects
"The wide selection of frameworks is very useful to me as an independent consultant. In fact, it rivals what I had at my disposal at Big 4 Consulting firms in terms of efficacy and organization."
– Julia T., Consulting Firm Owner (Former Manager at Deloitte and Capgemini)
"As an Independent Management Consultant, I find Flevy to add great value as a source of best practices, templates and information on new trends. Flevy has matured and the quality and quantity of the library is excellent. Lastly the price charged is reasonable, creating a win-win value for the customer, Flevy and the various authors. This is truly a service that benefits the consulting industry and associated clients. Thanks for providing this service. "
– Jim Schoen, Principal at FRC Group
"Flevy is now a part of my business routine. I visit Flevy at least 3 times each month.
Flevy has become my preferred learning source, because what it provides is practical, current, and useful in this era where the business world is being rewritten.
In today's environment where there are so many challenges and there is the need to make the right decisions in a short time, with so much scattered information, we are fortunate to have Flevy. Flevy investigates, selects, and puts at our disposal the best of the best to help us be successful in our work."
– Omar Hernán Montes Parra, CEO at Quantum SFE
"As a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power. For us, it is an invaluable resource to increase our impact and value."
– David Coloma, Consulting Area Manager at Cynertia Consulting
"I like your product. I'm frequently designing PowerPoint presentations for my company and your product has given me so many great ideas on the use of charts, layouts, tools, and frameworks. I really think the templates are a valuable asset to the job."
– Roberto Fuentes Martinez, Senior Executive Director at Technology Transformation Advisory
Do You Want to Get Lean?We've assembled 40 Lean Six Sigma guides: Lean Management, Six Sigma, Strategy Planning, Process, and Change Management.
Waste Too Much Time on PowerPoint?Get our FREE PowerPoint Plugin (Flevy Tools) for creating common business diagrams, from Gantt Charts to Harvey Balls.
Do You Run a Consulting Firm?Learn how to level the playing field with global consulting firms, like McKinsey, BCG, Bain, E&Y, and Accenture.
Need Help with PowerPoint or Excel?Have our highly trained staff create the exact documents you need. We offer PowerPoint and Excel document creation services.
FlevyPro (Subscription Service)
Flevy Executive Learning (FEL)
LinkedIn Influencer Marketing
Contact / FAQ / Terms / Privacy
flevyblog (Business Magazine)
Strategy, Marketing, & Sales
Organization, Change, & HR
Health & Safety
Governance, Risk, & Compliance
Customer-centric Design (CCD)
Human Resource Management
Blue Ocean Strategy
COVID-19 Trend Data
Consulting Training Guides
Organizational Culture (OC)
Organizational Design (OD)
Organizational Leadership (OL)
Financial Advising Services (FAS)
Flevy Tools (PowerPoint Plugin)
Lean Six Sigma Training Guides
Post-merger Integration (PMI)
Supply Chain Management (SCM)
Small Business Owner
© 2012-2023 Copyright. Flevy LLC. All Rights Reserved.