Transcription of 3. COSO Internal Control-FRA
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3. COSO Internal Control-FRA
1 TALLAHASSEE CHAPTERCOSO/ Internal ControlThe Basics of Internal AuditingOctober 9 -10, 2014 Flerida Rivera-AlsingMBA, CIA, CPA, CISA, CFE, LIFA, CIDA, CRMAC hief Audit ExecutiveState Board of Administration of Florida11 TALLAHASSEE CHAPTER Key concepts IIA standards Definition of Internal control Objectives of Internal controls Types of controls Frameworks Internal control deficiencies Limitation of Internal controls Responsible for Internal controlsAgenda22 TALLAHASSEE CHAPTERC oncern of any entity?RISKSA nything that could negatively impact the entity s ability to meet its business objectivesKey Concepts32 TALLAHASSEE CHAPTERHow to mitigate the risks?ImplementInternal ControlsKey Concepts4 TALLAHASSEE CHAPTERI nternal Auditors ResponsibilityIIA Std. 2130 ControlThe Internal audit activity must assist the organization in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous The Internal audit activity must evaluate the adequacy and effectiveness of controls in responding to risks within the organization s governance, operations, and information systems regarding the: Achievement of the organization s strategic objectives; Reliability and integrity of financial and operational information; Effectiveness and efficiency of operations and programs; Safegu
Oct 09, 2014 · in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. (AICPA AU 325) Internal Control …
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