Transcription of Evaluating and Improving Internal Control in Organizations
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Evaluating and Improving Internal Control in Organizations
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.
management and internal control should be a key part of governing body oversight. Various financial crises in recent years have demonstrated that in some organizations—especially in some financial institutions—risk-management and internal control practices were flawed or ineffective.
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