Reference no: EM132481098

Question 1. Using the general definition of Internal Control, discuss what is understood by the term 'Internal Control'. What are management's and internal auditor's responsibilities with respect to internal controls? What are suitable examples.

Question 2. COSO Internal Control Framework is organized as comprising of Objectives, Components and Organizational Structure (Entity). What are the 'Components' of COSO Internal Control Framework in details. Any personal experiences.

Question 3. What is understood by the term IT Governance? Why is it important for Internal Auditors to consider IT Controls in assessing a firm's control environment?

Question 4. What business process other than internal audit or payroll can be outsourced? What are the potential benefits of outsourcing this business process? What are the significant risks? What key controls need to be in place? What role can internal auditing play in assisting management both prior to signing the outsourcing contract and after the process has been outsourced?