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.

Identify the significance of creating internal urgency for change.

Acknowledge the necessity of a clear and appealing vision for successful change.

Understand the role of employee involvement in reducing resistance to change.

Recognize the importance of organizational diagnosis in understanding the current state and facilitating change.

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Definitions:

World Population

The total number of humans currently living on Earth.

Population Growth

The increase in the number of individuals in a population.

Environment Performance Index (EPI)

A method of quantifying and numerically marking a country's environmental performance in different policy categories.

GDP

Gross Domestic Product represents the aggregate value, in monetary or market terms, of every final good and service created inside the confines of a country during a designated period.