The internal control system of an organization provides a reasonable assurance regarding prevention or timely detection of errors or irregularities which can have material effects on the financial statements. It includes five elements namely control environment, risk assessment, control procedures, monitoring and information and security. To discuss: The response with respect to the change in policy.

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Chapter 5, Problem 5.4E

To determine

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The internal control system of an organization provides a reasonable assurance regarding prevention or timely detection of errors or irregularities which can have material effects on the financial statements. It includes five elements namely control environment, risk assessment, control procedures, monitoring and information and security.

To discuss:

The response with respect to the change in policy.

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