COSO integrated framework and interactive connection elements of internal control
Internal control is a process, established and implemented by management and other employees, with the aim of providing reasonable assurance regarding the achievement of goals in the following areas: efficiency and effectiveness of operations, reliability of financial reporting, compliance with exis...
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| Format: | Article |
| Language: | English |
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University of Pristina in Kosovska Mitrovica, Faculty of Economics
2018-01-01
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| Series: | Ekonomski Pogledi |
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| Online Access: | https://scindeks-clanci.ceon.rs/data/pdf/1450-7951/2018/1450-79511802049K.pdf |
| Summary: | Internal control is a process, established and implemented by management and other employees, with the aim of providing reasonable assurance regarding the achievement of goals in the following areas: efficiency and effectiveness of operations, reliability of financial reporting, compliance with existing laws and regulations and protection property from unauthorized appropriation, use and alienation. There are various methodologies and approaches to internal control, but most often the COSO framework is used. The COSO model is a framework designed to enable the management to confront existing and future risks, and to respond in such a way that risk probability is diminished. The COSO framework has been developed for the needs of the private sector and the standards it contains have become the most widely accepted both in the field of corporate and public sector management. The COSO Integrated Framework contains five interlinked elements: a control environment, an assessment of scripts, control activities, information and communication, and monitoring. The elements of internal control in our legislation are defined in accordance with the integrated internal control framework defined by the Commissions of Sponsoring Organizations - COSO (The Committee of Sponsoring Organizations of the Treadway Commission). |
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| ISSN: | 1450-7951 2334-7570 |