Transcription of Evaluating and Improving Internal Control in Organizations
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IFAC Board Professional Accountants in Business Committee International Good Practice Guidance Evaluating and Improving Internal Control in Organizations Exposure Draft October 2011 Comments due: February 29, 2012 Final Pronouncement June 2012 The mission of the International Federation of Accountants (IFAC) is to serve the public interest by: contributing to the development, adoption and implementation of high-quality international standards and guidance; contributing to the development of strong professional accountancy Organizations and accounting firms, and to high-quality practices by professional accountants; promoting the value of professional accountants worldwide; speaking out on public interest issues where the accountancy profession s expertise is most relevant. The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and not-for-profit sectors.
sure that the internal control principles are fully understood and correctly applied by all. H. Monitoring and Evaluating Both individual controls as well as the internal control system as a whole should be regularly monitored and evaluated. Identification of unacceptably high levels of risk, control failures, or
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