How To Assess An Organizations' Internal Control Using A Risk-Based Approach

Internal controls have become a key business area for all organisations to maintain the risks facing the company within the defined risk tolerance levels.

Internal controls are processes designed to achieve an organization's objectives. This is the whole system of controls, financial and non-financial put in place by Board of directors and management to provide reasonable assurance that;

• the organisation operates its business effectively and efficiently in achieving its objectives;
• financial data and reports are correct and reliable;
• the organization operates in compliance with the relevant laws and regulations;
• safeguard the organisations's assets from loss or theft;