INTERNAL CONTROL, HUMAN RESOURCE MANAGEMENT, AND RISK ASSESSMENT

ABSTRACT. INTOSAI contends that there is a direct relationship between the general objectives (which represent what an entity strives to achieve), and the internal control components (which represent what is needed to achieve the general objectives). Sullivan & Cromwell LLP write that risk relating to a financial reporting element includes both the materiality of the financial reporting element and the susceptibility of the underlying account balances and other information to material misstatement. PCAOB explains that the auditor's objective in an audit of internal control over financial reporting is to express an opinion on the effectiveness of the company's internal control over financial reporting.