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.

---

Definitions:

Conscience

An inner feeling or voice viewed as acting as a guide to the rightness or wrongness of one's behavior.

Freudian Perspective

A psychological viewpoint based on the theories of Sigmund Freud, emphasizing unconscious motivations and conflicts, especially in relation to childhood experiences.

Parental Standards

The expectations and norms set by parents regarding their children's behavior and achievements.

Cognitive Rationales

Logical reasons or explanations that stem from cognitive processes, used to understand or justify thoughts, beliefs, or actions.