ACC 621 Study Guide - Final Guide: Internal Control, Financial Statement
8 Apr 2016
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Document Summary
No detailed quesions on the control frameworks, just a couple muliple choice. Know the roles and responsibiliies each group in an org. has regarding internal control. Internal control - integrated framework (coso) usa: guidance on control (coco) cica canada. Internal control revised guide for director on the combat code (turnbull) uk. Outside canada and the uk they use coso method. Smaller companies challenges: obtaining suicient resources to achieve segregaion of duies (i got senior mngmnt to sign of accepted risks semi annually, mngmnt override (you do what the boss tells you) Recruiing enough people with the experise to serve on boards. Taking criical mngment atenion away from running your business (internal control can mean very litle to a board/company facing inancial ruin) Controlling informaion technology and maintaining appropriate general and applicaion controls over computer informaion systems with limted technical resources. (it costs money) The def"n relects certain funamental concepts: internald control is a proces.
