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INTERNAL CONTROLS: AICPA - INTERNAL CONTROL …

INTERNAL CONTROLS: AICPA - INTERNAL CONTROL STANDARDS: The information that follows is specific guidance from the American Institute of Certified Public Accountants Codification on Statements on Auditing Standards AU319 INTERNAL CONTROL in a Financial Statement Audit . INTERNAL CONTROL is a process effected by an entity s board of directors, management, and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the following categories: (a) reliability of financial reporting, (b) effectiveness and efficiency of operations, and (c) compliance with applicable laws and regulations. INTERNAL CONTROL consist of five interrelated components, which are: CONTROL environment sets the tone of an organization, influencing the CONTROL consciousness of its people. It is the foundation for all other components of INTERNAL CONTROL , providing discipline and structure.

Understanding Internal Controls 1/6/2015 . and behavioral standards to personnel through policy statements and codes of conduct and by example. Commitment to Competence: Competence is the knowledge and skills necessary to accomplish tasks that define the individual’s job. ...

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