Evaluating the Internal Control System in accordance with the Updated Enterprise Risk Management Framework

Abstract

This research aims to evaluate the effectiveness of the internal control system in the economic unit under study in light of the updated enterprise risk management (ERM) framework , The research responds to the rapid developments in business environments and the growing need to adopt a risk-based approach to enhance the efficiency and reliability of internal control system , The research reviews the modern components and principles of enterprise risk management , including governance , strategic , alignment , and performance monitoring , and their role in supporting and enhancing the  effectiveness of internal control system , A systematic analysis of practical practices , cases studies , and regulatory guidelines is employed to identify weakness and shortcomings in the internal control system , assess the level of compliance , and provide recommendations that contribute to improving the integration of the internal control system with the updated ERM framework , one of the key findings is that the updated ERM (2017) framework is a comprehensive model for internal control processes focusing on interactive information exchange and strategy development through risk monitoring and opportunity exploitation to achieve objectives , the researchers recommend that the ready-made men’s clothing factory adopt the proposed model for applying the modern internal control concepts of the ERM framework in goal-setting , risk assessment , and the development of effective risk management strategies .