Concepts Related to Internal Controls
Hello, Index of Concepts 1. Control Design 2. Control description 3. Control Testing 4. Control Frequency 5. Control Owner 6. Control Logic 7. Control Implementation 8. Control Trigger 1. Control Design: Design of control is sequencing and modeling internal control framework within the different business process to effectively mitigate the business risk. Design of control majorly depends upon the structure of the business process, Business risk, and risk appetite. Design of control addresses the existence of control within the business process. Here P1 and P2 Represent the Process Risk and C1 and C2 Represent the Control. A. Control should always be performed after completion of Business Process. B. There may be multiple control for mitigation of one business risk (Refer 2) C. One control can mitigate the risk of multiple business risks. (Refer 1) 2. Control Description: Control Description means the steps to be performed by control owner. Control ...