Internal control is the systems, policies, procedures, and processes established by the board of directors, senior management, and other key personnel to safeguard an organization's assets, and limit or control the risks, in route to achieving the organization's objectives. The internal control process has five components: control environment; risk assessment; control activities; information and communication; and monitoring. Internal controls are important because they are the foundation to safe and sound accounting. A properly designed and …
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showed last 75 words of 1163 total
…net/islamic-ethics/ethindex.html Summary of Sarbanes-Oxley Act of 2002. (2002). Recuperado el 22 de agosto del 2004 de http://www.aicpa.org/info/sarbanes_oxley_summary.htm Symonds, W. C. (2002, September 30). TYCO: How did they miss a scam so big? Business Week, (3801), 40-41. The Five Components of Effective Internal Controls. (2004). Recuperado el 22 de agosto del 2004 de http://www.mass.gov/osc/Homeview/CONTROL/ClassOut.htm Willis, D. M. (2000, October). Management reports on internal controls. Journal of Accountancy, 190(4), 57-64.