5 Components of Internal Control
Description: Learn more at https://kirkpatrickprice.com/video/5-...
In order for an organization to successfully complete a SOC 1 audit, they’ll need to meet the three objectives of internal control, demonstrate that they have the five components of internal control in place and functioning, and implement the 17 principles related to internal control outlined in the framework. The five components of COSO – control environment, risk assessment, information and communication, monitoring activities, and existing control activities – are often referred to by the acronym C.R.I.M.E. To get the most out of your SOC 1 compliance, you need to understand what each of these components includes.
1. Control Environment: How has management put into place policies and procedures that guide the organization? What kind of tone has management set in the organization so that everyone knows that they are supposed to make sure that your controls are operating effectively and are achieving the results that they expect?
2. Risk Assessment: How does your organization assess risk in order to identify the things that threaten the achievement of their objectives?
3. Information and Communication: How does management communicate to their interla and external users what it is you expect of them? How do you make sure that you receive acknowledgement from those people that they understand what it is that you’re asking them to do?
4. Monitoring Activities: How does management oversee the functioning of the entire organization? How do you identify when things aren’t working correctly and correct those deficiencies as quickly as you possibly can?
5. Existing Control Activities: What are the controls that you currently have in place? Were they in place and operating effectively over a period of time?
More Free Resources
White Papers: https://kirkpatrickprice.com/white-pa...
KirkpatrickPrice is a licensed CPA firm, PCI QSA, and a HITRUST CSF Assessor, registered with the PCAOB, providing assurance services to clients in more than 48 states, Canada, Asia, and Europe. The firm has over 13 years of experience in information security and compliance assurance by performing assessments, audits, and tests that strengthen information security and internal controls. KirkpatrickPrice most commonly provides advice on SOC 1, SOC 2, PCI DSS, HIPAA, HITRUST CSF, GDPR, ISO 27001, FISMA, and CFPB frameworks.
For more about KirkpatrickPrice: https://kirkpatrickprice.com/
Contact us today: 800-770-2701 https://kirkpatrickprice.com/contact/