Assignment task:
Internal control is defined as follows: Internal control is a process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance. You are the Chief Risk Officer of Multinational Inc. The board of directors has asked you to definition in plain English. The board has also asked you to read pp. 4-5 and choose one of the Components of Internal Control and describe the basic rationale behind that Component. Please provide your answer and then comment on postings by at least one of your classmates.