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How often do Heads of reporting organizations must prepare a statement of assurance on the status of internal controls?
Wiki User
∙ 6y ago
5 years
Wiki User
∙ 6y ago
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Does an unqualified report on internal controls over financial reporting imply that the company does not have any significant deficiencies in controls?
yes
Who is responsible for establishing and maintaining internal controls to achieve the objectives of effective and efficient operations reliable financial reporting and compliance with applicable laws?
Managers
Why would one have to have an SAS 70 audit?
The SAS 70 audit is required for service organizations or service providers. It centres around controls over information technology and ensures the safeguard of customers data.
What are the 3 controls over petty cash?
The major controls over petty cash are the control over safekeeping, approval for disbursement and recociliation.
What internal controls did Enron violate?
all
What are the obligations of federal agencies with regard to internal controls?
Assess and document their internal controls over financial reporting. Document their assessment of the effectiveness and reliability of those internal controls. Provide a separate assurance statement
What is SSAE-18 (Statement on Standards for Attestation Engagements No. 18) and how is it used to assess the effectiveness of controls at service organizations?
SSAE-18 (Statement on Standards for Attestation Engagements No. 18) is a set of auditing standards developed by the American Institute of Certified Public Accountants (AICPA) to help service organizations demonstrate the effectiveness of their controls over financial reporting, compliance, and security. SSAE-18 replaces the previous standard, SSAE-16. Service organizations, such as data centers, cloud service providers, and payroll processing companies, often provide services that are critical to the financial reporting of their clients. As a result, these service organizations are often subject to audits by their clients' auditors to ensure that their controls are effective and meet the requirements of their clients' regulatory and compliance obligations. SSAE-18 provides a framework for these audits, which are conducted by third-party auditors known as Service Organization Control (SOC) auditors. The standard requires service organizations to provide a description of their system and the controls they have implemented to meet their clients' requirements. The auditors then assess the design and operating effectiveness of these controls to provide an opinion on the effectiveness of the controls. SSAE-18 includes three types of SOC reports: SOC 1: Reports on the controls over financial reporting. These reports are intended to provide assurance to clients' auditors that the service organization's controls are effective in supporting their clients' financial reporting. SOC 2: Reports on the controls over security, availability, processing integrity, confidentiality, and privacy. These reports are intended to provide assurance to clients that the service organization's controls are effective in meeting their clients' security and compliance requirements. SOC 3: A general-use report that provides an overview of the service organization's controls over security, availability, processing integrity, confidentiality, and privacy. SOC 3 reports are designed to be more accessible to a wider audience, such as customers, regulators, and other stakeholders. By obtaining a SOC report, service organizations can demonstrate to their clients that their controls are effective and meet their clients' requirements. This can help service organizations to win new business, retain existing clients, and provide assurance to their clients' auditors that their controls are effective.
How does internal audit help in promoting ethic in organizations?
Gives assurance to internal controls and provides recommendations on identified opportunities for improvement
What is Controlling statement?
The controlling statement controls the writing you will do
What is a control statement?
The controlling statement controls the writing you will do
What is a statement that controls the ideas expressed in a research paper?
Thesis Statement
Does an unqualified report on internal controls over financial reporting imply that the company does not have any significant deficiencies in controls?
yes
Who signs and submits the Air Force's annual statement of assurance to the Secretary of Defense on the Air Force's internal controls.?
The Comptroller of the Air Force. His/Her official title is Assistant Secretary of the Air Force for Financial Management and Comptroller. Currently, it is Dr. Jamie Morin.
Who signs and submits the air forces annual statement of assurance to the Secretary of defense on the air forces internal controls?
The Comptroller of the Air Force. His/Her official title is Assistant Secretary of the Air Force for Financial Management and Comptroller. Currently, it is Dr. Jamie Morin.
Who signs and submits the Air Force's annual statement of assurance to the Secretary of Defense on the Air Force's internal controls?
The Comptroller of the Air Force. His/Her official title is Assistant Secretary of the Air Force for Financial Management and Comptroller. Currently, it is Dr. Jamie Morin.
How costs are controlled?
Management oversight, good internal controls in tracking and reporting cost.
When was the sas 70 auditing standard introduced in the us?
The Statement on Auditing Standards No. 70, or SAS 70, was introduced in the United States in April 1992. SAS 70 is concerned with the internal auditing controls of service organizations.
