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    Model Management Control Policy

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    Sherleen Gallardo
    Management is responsible for establishing processes to reasonably ensure that: data is accurate and reliable; actions comply with policies and law; and resources are protected and used effectively. Managers at all levels must identify risks, set standards to minimize risks, and maintain controlling processes. Internal auditing checks that controlling operations are designed and working properly, and reports on internal controls to management and the audit committee. The audit committee oversees management, internal audit, and external auditors regarding controlling processes, and ensures major issues are resolved and reports to the board.

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    Model Management Control Policy

    Uploaded by

    Sherleen Gallardo
    20 views1 page
    Management is responsible for establishing processes to reasonably ensure that: data is accurate and reliable; actions comply with policies and law; and resources are protected and used effectively. Managers at all levels must identify risks, set standards to minimize risks, and maintain controlling processes. Internal auditing checks that controlling operations are designed and working properly, and reports on internal controls to management and the audit committee. The audit committee oversees management, internal audit, and external auditors regarding controlling processes, and ensures major issues are resolved and reports to the board.

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    Management is responsible for establishing processes to reasonably ensure that: data is accurate and reliable; actions comply with policies and law; and resources are protected and used effectively. Managers at all levels must identify risks, set standards to minimize risks, and maintain controlling processes. Internal auditing checks that controlling operations are designed and working properly, and reports on internal controls to management and the audit committee. The audit committee oversees management, internal audit, and external auditors regarding controlling processes, and ensures major issues are resolved and reports to the board.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    20 views1 page

    Model Management Control Policy

    Uploaded by

    Sherleen Gallardo
    Management is responsible for establishing processes to reasonably ensure that: data is accurate and reliable; actions comply with policies and law; and resources are protected and used effectively. Managers at all levels must identify risks, set standards to minimize risks, and maintain controlling processes. Internal auditing checks that controlling operations are designed and working properly, and reports on internal controls to management and the audit committee. The audit committee oversees management, internal audit, and external auditors regarding controlling processes, and ensures major issues are resolved and reports to the board.

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    Model Management Control Policy

    1. Management is charged with the responsibility for establishing a network of processes with the
    objective of controlling the operations of “XYZ Organization” in a manner which provides the
    board of director’s reasonable assurance that:
     Data and information published either internally or externally is accurate, reliable, and
    timely.
     The actions of directors, officers, and employees are in compliance with the organization’s
    policies, standards, plans and procedures, and all relevant laws and regulations.
     The organization’s resources (including its people, systems, data/information bases, and
    customer goodwill) are adequately protected.
     Resources are acquired economically and employed profitably; quality business processes
    and continuous improvement are emphasized.
     The organization’s plans, programs, goals, and objectives are achieved.

    Controlling is a function of management and is an integral part of the overall process of


    managing operations. As such, it is the responsibility of managers at all levels of the
    organization to:
     Identify and evaluate the exposures to loss which relate to their particular sphere of
    operations.
     Specify and establish policies, plans, and operating standards, procedures, systems, and
    other disciplines to be used to minimize, mitigate, and/or limit the risks associated with the
    exposures identified.
     Establish practical controlling processes that require and encourage directors, officers, and
    employees to carry out their duties and responsibilities in a manner that achieves the five
    control objectives outlined in the preceding paragraph.
     Maintain the effectiveness of the controlling processes they have established and foster
    continuous improvement to these processes.

    2. The internal auditing function is charged with the responsibility for ascertaining that the
    ongoing processes for controlling operations throughout the organization are adequately
    designed and are functioning in an effective manner. Internal auditing is also responsible for
    reporting to management and the audit committee of the board of directors on the adequacy
    and effectiveness of the organization’s systems of internal control, together with ideas,
    counsel, and recommendations to improve the systems.

    3. The audit committee is responsible for monitoring, overseeing, and evaluating the duties and
    responsibilities of management, the internal audit activity, and the external auditors as those
    duties and responsibilities relate to the organization’s processes for controlling its operations.
    The audit committee is also responsible for determining that all major issues reported by the
    internal auditing department, the external auditor, and other outside advisors have been
    satisfactorily resolved. Finally, the audit committee is responsible for reporting to the full board
    all-important matters’ pertaining to the organization’s controlling processes.

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