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5 Cards in this Set

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  • Back
Control Environment
Acitions, policies, and procedures that reflect the overall attitude of top management, directors, and ownwers of an entity about internal control and its importance
Risk Assessment
Management's identification and analysis of risks relevant to the prepartion of financial statements in accordance with GAAP
Control Activities
Policies and procedures that management has established to meet its objectives for financial reporting
Information and Communication
Methods used to initiate, record, process, and report an entity's transactions and to maintain accountability for related assets
Monitoring
Management's ongoiong and periodic assessment of the quality of internal control performance to determine whether contorls are operating as intended and are modified when needed