Question

Name and explain the 5 interrelated elements of Government's Internal Audit framework?

Answer 1

The 5 interrelated elements of goverment's internal audit framework are below:-

1. Control enviroment:-Control Environment is the set of standards, processes, and structures that provide the basis for carrying out internal control across the organization.

2. Risk assessment- Risk assessment is the process to identify the risk in the project and finding the way to mitigate the risk.

3. Control activities- This component is mainly focused on understanding of polcies &procedure of the company, there application and other controls for dya to day operations.

4. Information & communication - Under this component internal audit is focused on quality of information and the effectiveness of communication.

5. Monitoring- monitoring is an ongoing process and there should be a saparate evalaution team should be there to evaluate the work of other person.