What is a balanced scorecard framework?
It is a strategy-focused approach to performance management that includes non-financial and financial performance measures that are derived from the organization’s vision and strategy. The balanced scorecard represents a strategic performance management and measurement system.1 1 A Balanced Scorecard Framework for Internal Auditing Departments, The Institute of Internal Auditor’s Research Foundation Top of Page March 2003 Internal Control Who is Responsible for it? The short answer is EVERYONE in the Organization. While different levels of the Organization may be responsible for different aspects of internal controls, everyone has an obligation to make sure adequate levels of internal control exist. Five elements of internal control are the control environment, risk assessment, control activities, information and communication, and monitoring. Recent legislation enacted by the United States Government (The Sarbanes-Oxley Act of 2002), which generally applies to all publicly traded comp
