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Can a audit be qualified based on internal control on financial reporting?
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∙ 16y ago
Can not answer this question - reword it.
Wiki User
∙ 16y ago
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What was the first objective identified by COSO's Internal Control?
Reliability of financial reporting.
Three internal control objectives for financial reporting?
There are actually four internal control objectives of financial reporting. They are 1) Control Environment 2) Risk Assessment 3) Information and Communication Systems 4) Monitoring. These internal control objectives help aid in presenting financial statements that are free of material misstatements. But just because internal control measures are implemented, doesn't mean people cannot circumvent those controls.
How may the success of internal control systems be measured?
Internal control would be judged as effective if its components are present and function effectively for operations, financial reporting, and compliance.
What are contained in the reports required by Section 404 of the Sarbanes-Oxley Act?
"The Company must report on internal controls over its financial reporting. Four key elements must be included in this report:Statement of Responsibility by Company Management (the CEO and CFO) for establishing and maintaining an adequate internal control structure and procedures for financial reporting.Statement identifying the framework used by management to evaluate the effectiveness of the Company's internal control over financial reportingManagement's Assessment of the effectiveness of Internal Controls over financial reportingAttestation by the company's external auditor on Management's assessment of the effectiveness of the company's internal controls and procedures for financial reporting."
What is an external auditors report?
external auditors focus primarily on controls that affect financial reporting. External auditors have a responsibility to report internal control weaknesses (as well as reportable conditions about internal control)
What are the components of control environment in financial reporting?
there are 3 component of financial environment. there are financial manager, financial markets and investors ( including creditor).
Who designates the Internal Control Administrator within the reporting organization and the appoints an Internal Control Administrator in the Assessable Unit.?
Senior Responsible Official , Assessable Unit Manager
The designates the Internal Control Administrator within the reporting organization and the appoints an Internal Control Administrator in the Assessable Unit.?
Senior Responsible Official , Assessable Unit Manager
Who is the Senior Reporting Official for Air Force Management Internal Control program?
Saf/fm
Objectives of an internal control system?
An internal control system aides in ensuring financial statements are free from material misrepresentation and assets are sufficiently protected from misappropriation.
What are some topics for an accounting project?
Some topics for an accounting project include the evaluation of internal control system, and the impact of different methods of depreciation. The effects of financial accounting reporting on business management can also be an accounting project topic.
What is the difference between coso and coco model?
The focus of COCO is on achieving the goals and defines internal control as an organization’s element that works together to assist the attainment of these goals. Conversely, COSO defines internal control as the process under which the management and staff of the company are influenced, with a view to ensuring a reasonable assurance of its objectives. COCO focuses on internal and external reporting dependability. COSO is focused on financial reporting dependability. There are some difference between COSO and COCO but one of the most notable differences is that COSO gives the director of the organizations all responsibility regarding internal control and COCO states each employee is responsible to carry out internal control. COSO’s goal is to provide thought leadership dealing with three interrelated subjects: Enterprise risk management (ERM) ,Internal control, Fraud deterrence, Controls implements in the business processes. Effective controls in the business processes must be implemented without inhibiting the realization of the operative process. COCO Published in 1995 and certified by the Canadian Accountants Institute through a board that is responsible for establishing and delivering criteria or general guidelines on control. The aim is to give guidance on the design, evaluation and responses to control systems within organizations in the public and private sector, including related corporate governance concerns.
