IIA-Australia White Paper - The System of Internal Control

IIA-Australia White Paper - The System of Internal Control

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Author

Narelle Sheppard BFinAdmin PFIIA CIA CGAP CRMA FCPA AAICD

Date

 2022

Topics Explored

Governance, Risk Management, Engagement Planning, Testing

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.

Relevant Industries

All

Level of Assumed Knowledge

Beginner