Today, I would like to share with you a broad description of the Internal Control Process. The Internal Control Process has three distinct steps.

1. Define the Control Objectives

2. Assess the Risks

3. Evaluate the Controls

The whole purpose of establishing and maintaining an internal control framework is to ensure -

- Efficiency and Effectiveness of Operations including safeguarding of assets

- Reliability of Financial resporting

- Compliance with applicable laws and regulations

I will discuss more on how to implement the COSO framework in my future posts.