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Internal ControlsWho is responsible for an effective system of internal control?Management is responsible for establishing internal controls. In order to maintain effective internal controls, management should: Maintain adequate policies and procedures; Communicate these policies and procedures; and.
Who is responsible for the development of effective internal control systems in a company?These include management, the board of directors (including the audit committee), internal auditors, and external auditors. The primary responsibility for the development and maintenance of internal control rests with an organization's management.
Who is responsible for providing an opinion on management assessment of internal controls?71. The auditor should form an opinion on the effectiveness of internal control over financial reporting by evaluating evidence obtained from all sources, including the auditor's testing of controls, misstatements detected during the financial statement audit, and any identified control deficiencies.
Who oversees the effectiveness of internal controls over operations?06 People are what make internal control work. Management is responsible for an effective internal control system. As part of this responsibility, management sets the entity's objectives, implements controls, and evaluates the internal control system.
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Who is responsible for supporting management by assessing the effectiveness of the internal controls?
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