Dear Friends, I have a question about internal control: 1/ I think internal control (IC) are activities that identify risks and frauds occurring in business processes and financial reports. After the IC (internal control) department detects risks, it will propose to management levels or the Board of Directors to identify risks and handle them. Question: Am I understanding this correctly?, I hope you can answer and add more. Thank you.
Monitoring explained here is not what is meant. Monitoring is concerned with monitoring the system of IC through internal and external assessments or examination.
Elucid and very good explanation.Thanks Madam
Thank you.
Dear Friends, I have a question about internal control:
1/ I think internal control (IC) are activities that identify risks and frauds occurring in business processes and financial reports. After the IC (internal control) department detects risks, it will propose to management levels or the Board of Directors to identify risks and handle them. Question: Am I understanding this correctly?, I hope you can answer and add more. Thank you.
Monitoring explained here is not what is meant. Monitoring is concerned with monitoring the system of IC through internal and external assessments or examination.