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    Fundamental concepts in internal control.

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    Internal control has gained increasing importance among management, external auditors, regulators, and others.


    -What fundamental concepts are embodied in the definition of internal control?

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    The most fundamental concepts in internal controls include each of the mechanisms that make internal controls successful. Internal controls "are effected by people. It's not merely policy manuals and forms, but people functioning at every level" (Brown University, 2012). Internal controls are structured based on the control environment, a comprehensive risk assessment, the control activities, information and communication, and monitoring.
    Internal ...

    Solution Summary

    The solution provides a detailed discussion explaining the fundamental concepts that are embodied in the definition of internal control.