Document Title: Internal control frame work, components and principles

Paper code: 13062

Internal control frame work, components and principles

An internal control framework is a structured guide that organizes and categorizes expected controls or control topics (Ciftci, et al., 2019). Some organizations design control frameworks for general purposes like the COSO internal control framework, while others are more specific such as the COBIT IT Control framework. When an organization uses a control framework effectively (typically in audit risk assessments and risk management), management designs internal control processes with the framework as a baseline. Doing so helps the organization design control procedures that create and preserve value while minimizing risk. The principles supporting the Internal Environment component are:

The discussion below highlights the components and the principles under each of the components.