White Paper - The System of Internal Control

Whitepaper

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Author

Narelle Sheppard

BFinAdmin PFIIA CIA CGAP CRMA FCPA AAICD

Date

2022

Topics Explored

Governance, Control

Format

White Paper

Extract/Description

Designing and documenting an organisation’s system of internal control using a recognised framework such as COSO will help ensure the system is appropriate and will promote a shared understanding of internal control and the system of internal control.

Key Points

1. An assessment of the system of internal control can be undertaken at a process-level, business unit level, or enterprise-level.
2. All five components and 17 principles of the COSO internal control framework must be assessed.
3. Failures can occur, even in an effective system.