Types of Internal Controls

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Internal controls in finance include control environment, risk assessment, control activities and control related to information and communication. Monitor internal controls for a business over a period of time with insight from a certified public accountant in this free video on finance.

Part of the Video Series: Finance & Accounting Facts
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Video Transcript

I'm Miranda Chook, a CPA. COSO defines internal controls having five main components. The first one is the control environment which typically is the tone from the top. The next is risk assessment which involves the identification and analysis of risk specific to the organization. The third are control activities which is the set of policies and procedures used to operate the company. The next control relates to information and communication which typically refers to the computer systems in place in a company. And finally there is monitoring which relates to how an entity monitors it's internal controls over time.

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