There are a variety of definitions of internal control, as it affects to various constituencies of an organization. COSO internal control framework is a widely-known and used tool when mentioning internal control. It defines internal control as having five components which are
1. Control environment 2. Risk assessment 3. Information and communication 4. Control activities 5. Monitoring.
- Design internal control structure
- Develop internal control strategies
- Document business processes
- Identify Risks and controls of business processes
- Scope internal control audit
- Test internal controls
- Redesign business processes
Please let contact PFA anytime if your company is facing difficulty of executing any items lest above. We PFA would be more than happy to solve your company’s problems and provide your company with the best solutions.