The Sample - What Are the Principles of Internal Control?

Описание: In this episode of THE SAMPLE, Leita Hart-Fanta, CPA answers the question, “What Are the Principles of Internal Control?” The COSO organization broke the 5 components of internal control into 17 underlying principles. And if you are following the GAO’s Yellow Book standards for performance auditors, you should use the 17 principles to evaluate controls and disclose which principles you used in your audit report.

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Welcome to The Sample, a quick discussion of auditing concepts and terms that will help you do your work. Conducting an audit in accordance with auditing standards is no small feat and I want to support you. We'll be referring to the GAO (https://www.gao.gov), IIA (https://na.theiia.org/Pages/IIAHome.aspx) and AICPA (https://www.aicpa.org) literature to bolster our conversations. Let's get started.

In this episode we answer the question, "What are the principles of internal control?" Principles: these things on the face of this cube are called components. Now we could have settled there as a profession and just stopped with that, a five pronged face on the cube, but no.

The COSO Organization (they're the creators or that cube), recognizing that the cube is a little hard to work with. They published it in 1992 initially. In 2013, they said, "Let's reorganize this thing, make it easier to work with," and indeed they did by breaking down those five components on the face into 17 underlying principles.

Read the rest at: https://yellowbook-cpe.com/what-are-t...
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For More Info:
The GAO Green Book: Standards for Internal Control:
https://yellowbook-cpe.com/product/ga...

The 2018 Yellow Book’s Internal Control Requirements for Performance Auditors – March 23:
https://yellowbook-cpe.com/product/20...

The GAO’s Green Book: Internal Controls:
http://cpe.cpacrossings.com/LFGAOGW2?...

Internal Control Workshop: Live & Customized:
https://yellowbook-cpe.com/internal-c...