Internal Control
What is Internal Control?
A process effected by an organisation's board, management, and other personnel designed to provide reasonable assurance regarding the achievement of objectives in operations, reporting, and compliance. The COSO framework defines the standard for internal control.
Terms that appear alongside internal control
Each of these is named in at least one of the same controls as internal control. The number is how many controls name both.
- audit 12 shared controls
- governance 11 shared controls
- compliance 11 shared controls
- internal audit 9 shared controls
- control environment 7 shared controls
- corporate governance 5 shared controls
- risk appetite 4 shared controls
- policy 4 shared controls
Frameworks that govern internal control
What the standards actually require on internal control
Requirements naming internal control across 6 standards, quoted from the control text.
TSPs maintain well-planned, risk-based internal and external audit programs as a critical defence against fraud and a source of information to the board on the effectiveness of internal controls, judged against the Audit and Management booklets;
ffiec-it-examination-handbook::TSP-03 · Audit and Internal Controls (Supervision of Technology Service Providers) →The enterprise continuously monitors, benchmarks and improves its I&T control framework and control environment so that organisational objectives are met: the limits of the internal control system are identified, including how controls extend to outsourced and...
cobit-2019::MEA02.01 · MEA02.01 Monitor internal controls →A governing body that is independent of management oversees how internal control is designed and how it performs. Points of focus: the board accepts defined oversight duties;
SOC2-CC1.2 · CC1.2 Board independence and oversight of internal control (COSO principle 2) →Under internal control the manufacturer draws up the Annex VII technical documentation, takes all measures so that design, development, production and vulnerability handling and their monitoring ensure compliance with Annex I Parts I and II, affixes the CE mar...
eu-cyber-resilience-act::Annex VIII Part I · Module A: internal control →The operator establishes, maintains, implements and complies with internal control procedures governing wagering operations, among them the performance of wagering and financial transactions.
gli-33-gaming-laboratories-international-event-wagering-systems::A.2.1 · A.2.1 Internal Control Procedures →The insurer must establish and operate within an effective, documented system of internal controls.
iais-insurance-core-principles-icps::8.2 · 8.2 A documented system of internal controls →Questions people ask about internal control
What is Internal Control?
Why is Internal Control important for compliance?
Which compliance frameworks address Internal Control?
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See how Internal Control applies across compliance frameworks
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