Internal Control Roles and Responsibilities Flashcards
1
Q
The 4 key roles and responsibilities for internal control
A
1) Board of directors (BOD) is responsible for maintain effective internal controls related to daily operations
2) Management’s responsibility is for maintain effective controls related to daily operations AKA first line
3) Support (business-enabling) functions AKA second line. Include personnel in law, compliance, IT, and risk management
4) Internal auditors AKA third line
