Internal control is a dynamic system that enables businesses to use their resources effectively in line with their goals and objectives, regulates the operational activities in accordance with internal policies, procedures or regulations and regularly monitors operations, designs optimal control practices for the business with a risk-oriented approach, and can be continuously improved.
The COSO internal control model, which is a part of the internal control system, explains the implementation steps at the point of establishing the internal control system, how busines should form and which controls should be designed and implemented with the help of five main components that make up the COSO internal control model. The COSO internal control model is able to offer the most appropriate control environment for businesses to achieve the optimal result after their operations, taking into account the factors of efficiency, economy and efficiency. At this point, the COSO internal control model steps in on behalf of the business and once again reveals the needs of the business.
Accurate and reliable information is built at the stage defined as the control environment that constitutes the basic component of the COSO internal control model. It is the creation of this control environment within the enterprise and the access to accurate and reliable information regarding the intended processes when needed and to provide the desired benefit. In this way, the reliability and continuity of the process-based information is ensured.
COSO can prepare a roadmap or an action plan for businesses to improve their activities, taking into account the internal and external elements of the enterprises. The studies conducted to date show the increase in the profitability level, which is a natural result, as well as the efficiency in the activities of the enterprises that have established and implemented the internal control system.
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