Internal Controls Audits

Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.

An internal control assessment is a formal review of the processes and controls associated with a specific, or set of, risk(s) to evaluate their effectiveness. A control assessment is a component of the overall internal controls evaluation process. It serves as a tool to evaluate existing controls and to identify areas of high risk of loss through errors, theft or non-compliance.

Internal control audits relate to management’s plans, methods, and procedures used to meet its mission, goals and objectives. Internal controls include the processes and procedures for planning, organizing, directing and controlling program operations, and the system put in place for measuring, reporting, and monitoring program performance.