Internal Control Has Become a Very Important Focus for Publicly

question 37

Essay

Internal control has become a very important focus for publicly traded and privately-held companies alike.Internal control is intended to accomplish at least three objectives and consists of five components of internal control.List the three objectives and five components of internal control.
Objectives of internal control include:
1.reliability,timeliness,and transparency of internal and external,nonfinancial and financial reporting,
2.effectiveness and efficiency of operations,including safeguarding of assets,and
3.compliance with applicable laws and regulations.

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Definitions:

Attention-Catching

Refers to techniques or features designed to capture the viewer's or listener's immediate interest or focus.

Experiential Model

A conceptual framework that emphasizes learning through experience, often involving direct interaction with the environment or products.

Independence Hypothesis

Suggests that certain variables or phenomena occur independently of each other, without influence or correlation, in various research contexts.

Attitude Components

are the elements that make up an individual's overall evaluation of something, typically including cognitive, affective, and behavioral components.