internal control


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Words related to internal control

an accounting procedure or system designed to promote efficiency or assure the implementation of a policy or safeguard assets or avoid fraud and error etc

References in periodicals archive ?
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued Guidance on Monitoring Internal Control Systems in January 2009.
Consistent internal control procedures nurture a business image that cultivates customer confidence and maintains long-term positive relationships with clients.
IFAC and PAIB say the interviews help to demonstrate the importance of a risk-based approach to internal control in helping an organization manage its overall risk.
Firms with strong internal controls already in place and firms that remediate prior control weaknesses are rewarded with a significantly lower cost of capital," which falls by as much as 150 basis points for firms that can demonstrate such compliance.
Now, if the audit partner finds a material error, the controller likely will immediately need to review the company's internal control over financial reporting and identify a mitigating control.
COSO's guidance, Internal Control over Financial Reporting--Guidance for Smaller Public Companies, offers smaller public companies previously unavailable, but much needed, direction about how to design and implement cost-effective internal financial controls.
He defines internal control as "the sum of the tools and techniques used by management to ensure that it achieves its objectives.
Management's assessment of the effectiveness of the company's internal control over financial reporting, based on management's year-end evaluation, including the disclosure of any material weakness.
Documentation: Organizations need a centralized system to document their internal control environment.
Establish an internal audit or similar function to ascertain internal control effectiveness, and then ensure there are procedures to address all risk areas.
The rest of this paper explores research opportunities in internal control quality assurance beginning with a definition of internal control and the demand for internal control quality and quality assurance.
As part of its ongoing work to improve risk-management standards in banks, the Basle Committee on Banking Supervision (Basle Committee) issued a paper on September 22, 1998, entitled Framework for Internal Control Systems of Banking Organisations.
If these internal control procedures result in an adequate accounting being made by employees for reimbursed expenses, the taxpayer's accounting procedures may be deemed appropriate.
There are some basic internal control functions that should be in place within an electronic recordkeeping system.
Movaris, a leader in financial compliance and reporting for the 'last mile' of finance, today announced that the recent pronouncements by the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) to re-focus and streamline auditing standards on internal control over financial reporting validate the importance of the 'last mile' of finance.
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