So, have somebody out there can help me..Can you all help me what it means by system/internal control evaluation?
In business, (and required by Sarbanes Oxley for public companies in the US) an evaluation of the company's internal controls is done. Internal controls are procedures designed to prevent and detect fraud or errors in the company's financial statements. The evaluation usually includes an assessment of the design of the control, and an assessment of the effectiveness of the control, that it is operating as it was designed. For example, if the control is ';that blank company checks are kept in a locked drawer';, but the responsible employee forgets to lock the drawer, your evaluation would be that the control is not effective. The design of the control is good (locking the check up), but the employee didn't follow procedures, so ultimately there was nothing to stop someone from stealing and forging the check.
Generally, an evalaution will look at all of the controls in a Company and determine which ones are not effective.
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