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Evaluating internal controls - Essay Example

The five components of internal control are: control environment, risk assessment, control activities, monitoring, and information and communication. Management is responsible for the components of internal control. The control environment provides discipline and structure. Internal controls are more effective when the duties are segregated instead of being performed by the same person. The manager is the employees responsible for overseeing the internal control system. He may delegate part of the function to other employees in order to facilitate the process. The control environment is established by the managers of the company. The use of internal auditor can help companies determine if the control activities of a company are adequate and if the environment is suitable to foster proper ethical conduct by the accounting staff and other employees of the company. Risk assessment must be performed in order to minimize the risk exposure of the company. A firm that is issuing a secondary round of common stocks must ensure that the market conditions are adequate to launch the issuance of new common stocks. If the manager does not assess the event adequately the company may not be able to raise the desired capital because the stock may sell at a price below the expectations of the company. . GAAS requires managers to assess control risks. A proper assessment of control risk includes the evaluation of the internal controls.

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The five components of internal control are: control environment, risk assessment, control activities, monitoring, and information and communication. Management is responsible for the components of internal control. …
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