COSO Chapter 7
Control Environment
Management establishes, with board oversight, structures, reporting lines, and appropriate authorities and responsibilities in the pursuit of objectives.
Control Environment
The board of directors demonstrates independence from management and exercises oversight of the development and performance of internal control.
Information and Communication
The organization communicates with external parties regarding matters affecting the functioning of internal control.
Risk Assessment
The organization considers the potential for fraud in assessing risks to the achievement of objectives.
Control Environment
The organization demonstrates a commitment to attract, develop, and retain competent individuals in alignment with objectives.
Control Environment
The organization demonstrates a commitment to integrity and ethical values
Control Acitvites
The organization deploys control activities through policies that establish what is expected and procedures that put policies into action.
Monitoring Activities
The organization evaluates and communicates internal control deficiencies in a timely manner to those parties responsible for taking corrective action, including senior management and the board of directors, as appropriate.
Control Environment
The organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives.
Risk Assessment
The organization identifies and assesses changes that could significantly impact the system of internal control.
Risk Assessment
The organization identifies risks to the achievement of its objectives across the entity and analyzes risks as a basis for determining how the risks should be managed.
Information and Communication
The organization internally communicates information, including objectives and responsibilities for internal control, necessary to support the functioning of internal control.
Information and Communication
The organization obtains or generates and uses relevant, quality information to support the functioning of internal control.
Control Activities
The organization selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels.
Control Activities
The organization selects and develops general control activities over technology to support the achievement of objectives.
Monitoring Activities
The organization selects, develops, and performs ongoing and/or separate evaluations to ascertain whether the components of internal control are present and functioning.
Risk Assessment
The organization specifies objectives with sufficient clarity to enable the identification and assessment of risks relating to objectives.