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.

costly compliance efforts. However, this obscures the fact that the right kind of internal controls— enabling an organization to capitalize on opportunities while offsetting the threats—can actually 1 See Appendix A of this guidance for further definitions of governance, risk management, and internal control.

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