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What does revision of Circular A-123 on Management's Responsibility for Internal Control signify?

The revision of this document is an effort by the OMB to help ensure that federal agencies' fiduciary responsibilities for public funds are fulfilled by strengthening requirements related to evaluation, documentation


What is internal control?

In 1992 COSO issued Internal Control--An Integrated Framework for companies, their managements, and their auditors.


What is the objective of Internal Control System and explain briefly internal control framework?

In 1992 COSO issued Internal Control--An Integrated Framework for companies, their managements, and their auditors.


What is the strength of a circular flow chart?

To show where income is distributed from external and internal factors To show where income is distributed from external and internal factors


An audit team's responsibility would not include?

Designing client's internal controls


Is it true most large enforcement agencies have their own internal affairs division?

It's true!


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


Who can investigate the police?

The police can and will investigate internal wrongdoing themselves - most agencies have an Internal Affairs Division. Also the Prosecutor's Office, or the Office of the Attorney General of the state.


Who investigates the police?

The police can and will investigate internal wrongdoing themselves - most agencies have an Internal Affairs Division. Also the Prosecutor's Office, or the Office of the Attorney General of the state.


What are the Five methods of internal control of cash?

establishment of responsibility segregation of duties documentation procedures physical, mechanical, and electronic controls independent internal verfication


An explicit statement of responsibility for internal controls and amp ICOFR must be in the performance agreements of commanders managers and amp ICAs responsible for the executionoversight of effectiv?

An explicit statement of responsibility for internal controls and Internal Control over Financial Reporting (ICOFR) should be included in the performance agreements of commanders, managers, and Internal Control Assessors (ICAs). This ensures accountability for the effective execution and oversight of internal controls within their respective areas. By embedding these responsibilities in performance agreements, organizations reinforce the importance of compliance and enhance the overall integrity of their financial reporting processes. This approach fosters a culture of responsibility and transparency in managing internal controls.


To prevent internal problems that can result in compromised data agencies must submit a Privacy Impact Assessment?

TRUE