Principles of a Control Environment
There are five principles of a control environment as explained below:
A control environment is based on the proper segregation of duties, lines of authority, and responsibilities that will help to strive towards an organizationâ€™s objective.
The Board of Directors oversees the establishment and performance of internal control.
A commitment to integrity and ethical values is demonstrated.
Accountability for executing the internal control responsibility of every individual is maintained and checked to precisely understand whether they are in pursuit of organizational objectives.
It must represent a commitment to attract, develop, and maintain competent personnel in consonance with the companyâ€™s established objectives.
Components of the Internal Control Process
The policies, procedures, standards, rules, and regulations are set by the top management to ensure that the organizational objectives can be achieved. ICE consists of five components which are as follows:
Control environment: The control environment is the atmosphere where an employee works. It is a major component by which an organization can ensure an effective internal control system. Poor performance by the top management in building policies and procedures will adversely affect the other components of the internal control process.
Risk assessment: The next step in the internal control process is to determine the risk prevailing in the business environment that may hinder the achievement of organizational goals or objectives.
Control activities: After determining an existing risk, some actions are taken by the management to mitigate it. All actions taken in order to minimize the risks are called control activities. By directing the actions of all the individuals, the management tries to ensure that the organizational objective will be achieved.
Information and communication: Information should be communicated to the entire department on a timely basis so that necessary control actions can be performed. In this process, it is important that information is provided to all in line with established control activities and that measures are taken to ensure that each one knows their individual internal control responsibilities.
Monitoring activities: In this step, one must supervise each individualâ€™s performance in compliance with the established policies and standards. If there is a deviation at any point, necessary measures should be taken by the management to ensure an effective and efficient internal control system within the organization.
Importance of Control Environment
Control environment is the first component of the internal control framework of the Committee of Sponsoring Organizations (COSO), which makes it very important for any and all organizations. Control environment ensures that the organization is operating effectively and efficiently to achieve its organizational goals. It helps the management to achieve their objectives without any delay. It can be achieved only if the management is effective. In the case of poor managerial policies and procedures, the other components of the internal control will be affected.
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