Internal Controls and COSO Framework Explained | AIS Ep. 11

In this video, Prof LJ explains internal controls in Accounting Information Systems (AIS) and the COSO Internal Control Framework. This lesson discusses the purpose of internal control, the difference between preventive, detective, and corrective controls, and how internal control helps organizations safeguard assets, maintain accurate records, and produce reliable financial reports.

The lesson also explains the COSO Internal Control Framework and its five components: control environment, risk assessment, control activities, information and communication, and monitoring. Understanding internal control is important in Accounting Information Systems, financial reporting, and IT auditing.

This video is part of the Accounting Information Systems Series (Episode 11) of Prof LJ Learning Hub.

Topics covered:
• Purpose of internal control
• Preventive, detective, and corrective controls
• General controls vs application controls
• Foreign Corrupt Practices Act (FCPA)
• Sarbanes-Oxley Act (SOX)
• COSO Internal Control Framework
• The five components of COSO
• Internal control in an AIS environment

References:
Romney & Steinbart (2018) – Accounting Information Systems
Hall (2018) – Accounting Information Systems
COSO (2013) – Internal Control Framework

This lesson is designed for Accounting, Accounting Information Systems, and IT Audit students, as well as professionals who want to understand internal control systems and the COSO framework in an AIS environment.

For the full Accounting Information Systems series, please access the playlist here: https://www.youtube.com/playlist?list=PLD2LjANKJVGuVGgq18zb6cQ33opRaZdvh

Captions are available to support accessibility and learning.

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