Transcription of Internal Control Vocabulary and Terms Catalog
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Internal Control Vocabulary and Terms Catalog
Internal Control Vocabulary and Terms Catalog Presented by: Internal Control InstituteInternal Control Vocabulary and Terms Terms Definitions Access Threats Threats that unauthorized or improper processing will occur. External risks are frequently called security risks or accessibility risks. Unauthorized acts are those executed by a person or program, which does not have authority from management to execute that act. Access to Assets Access to assets is permitted only in accordance with management s authorization. Activity COSO uses the word activity to define an operational unit such as payroll. Both systems controls and transaction processing controls are included in the COSO Activity definition Administrative Control Administrative Control includes, but is not limited to, the plan of an organization and the procedures and records that are concerned with the decision processes leading to management s authorization of transactions.
Internal Control Vocabulary and Terms Terms Definitions Access Threats Threats that unauthorized or improper processing will occur. External risks are frequently called security risks
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