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Internal control system

By Eddie Griffin,2014-07-08 10:35
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Internal control system

Internal control system

    COSCO framework:

    1. Control environment & control culture: good attitude/ awareness of the need for

    internal control. Take action for improvement.

    ; Consult with the senior management. Assess their opinions and views

    expressed.

    ; Employ experienced people/ act on recommendation/ internal audit as

    important function/ segregation of duty

    2. Risk identification: discuss risk assessment with mgt responsible and read the

    report by the risk committee.

    ; Establish risk committee/ risk consultant/ mgt of operational department

    prepare risk assessment in their area

    3. Control activity: detailed internal control over business process

    ; Document key business process and control over it/ identify key

    control/material weakness report to audit committee

    ; System of devising and implement control is effect ive

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