Limitation Of Internal Control Essay
2.5 When A System Of Internal Control Is Believed To Be Effective
Both applied internal control systems like COSO framework and laws governing the issue of internal control systems namely Sarbanes-Oxley Act (SOX) are interested in expressing a professional opinion with respect to the effectiveness of internal control systems. On one side, COSO framework considers the board of directors and the judgment practiced by the board of directors and top management within the boundar¬ies established by laws, rules, regulations, and standards as the main factor effecting the design, implementation, and the assessment of the effectiveness of internal control systems. However, this practiced judgment is exhibited in the form of obtaining reasonable assurance relative to the application of such internal control system within the entity structure in a manner that its operations are functioning effectively and efficiently when external events are either considered likely or unlikely to have
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Integrity and ethical values are essential elements of the control environment, affecting the design, administration and monitoring of other internal control system components.
2.6 Limitations Of Internal Control
Internal control systems suffer from different inherent limitations that do not make from an internal control system infallible, and can only provide reasonable assurance regarding the achievement of control objectives (Boynton, and Johnson, and Kel, 2001), this why a control system is not regarded completely effective or its effectiveness is undermined:
- Susceptible to organizational corruption, or collusion among employees themselves or in cooperation with external parties, so, a fraud can be perpetrated and concealed.
- Judgment mistakes due to inadequate information, time and resource constrains, or other administrative
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