Internal control is very much process oriented.

Question

Quizplus · Accepted Answer

Internal control refers to the set of policies, procedures, and practices established by an organization in order to achieve specific objectives such as effective and efficient operations, reliable financial reporting, and compliance with laws and regulations. Internal control is very much process-oriented in the sense that it involves a systematic and continuous approach to identifying, assessing, and managing risks, as well as monitoring and evaluating the effectiveness of controls. It involves various steps and activities such as risk assessment, control design and implementation, information and communication, and monitoring and review. Therefore, it is true that internal control is process-oriented.

Internal Control Is Very Much Process Oriented