Who is responsible for maintaining controls concerning: (1) Monitoring (2) Information and Communications (3) Information Technology (IT) (4) Transaction...

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Accounting

Who is responsible for maintaining controls concerning:
(1) Monitoring
(2) Information and Communications
(3) Information Technology (IT)
(4) Transaction approval
(5) Enterprise Risk Management (ERM)

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3.9 Ratings (424 Votes)

1 Monitoring control Monitoring of internal control is performed through application of both ongoing evaluations and separate evaluations These evaluations ascertain whether other components of internal control continue to function as designed and intended In addition these evaluations facilitate identification of internal control deficiencies and communicate them to appropriate officials responsible for taking corrective action More serious deficiencies are communicated to higher levels of management and to the board of directors when appropriate The board is responsible for governance and oversight in their role of providing guidance to the management team Boards of publicly traded companies have legal See Answer

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