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.
Effective internal control can help organizations improve their performance by enabling them to take on additional opportunities and challenges in a more controlled way. Therefore, there needs to be a better understanding of how organizational performance relates to effective risk management and the role and effectiveness of internal control.
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