List the fundamental Concepts that Are Embodied in the Definition

question 25

Essay

List the fundamental concepts that are embodied in the definition of internal control as per the COSO report:
…a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
-reliability of financial reporting;
-compliance with applicable laws and regulations;
-effectiveness and efficiency of operations.

---

Definitions:

Freudian View

A perspective in psychology emphasizing unconscious thoughts and motivations shaping human behavior, originating from the work of Sigmund Freud.

Organization

Putting in order large amounts of data or materials.

Mind

The element of a person that enables them to be aware of the world and their experiences, to think, and to feel; the faculty of consciousness and thought.

Super-Ego

The part of the personality in Freudian psychoanalysis that represents internalized moral standards and ideals.