Categorías: Todo - internal - controls - risks - financial

por Matt Quante hace 11 años

265

Chapter 3 Notes

Internal controls are fundamental to ensuring the reliability of financial reporting, compliance with management directives, the promotion of operating efficiency, and the safeguarding of assets.

Chapter 3 Notes

Chapter 3 Notes

Risks

hazard risk
directors and officers liability
strategic
business strategy
legal and regulatory
operational
human error
systems
financial
liquidity
credit
market

definition and purposes

reasonable assurance using cost/benefit ratio
broad range of organizations
widespread responsibility
process of internal control

COSO framework

Examples
job rotation
bank reconciliation
document matching
separation of duties
control environment
risk assessment
control activities
Information and Communication
Monitoring

internal controls

compliance with management directives
promote operating efficiency
ensure reliable financial reporting
safeguard assets

Expected Outcomes

summarize and critique internal controls
define and represent risks
Define and explain internal controls and their purpose

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