New PDF release: Internal Control - Integrated Framework: Internal Control

By AICPA

The inner keep an eye on - built-in Framework units forth 3 different types of ambitions: operations, reporting, and compliance. the point of interest of the Compendium is the exterior monetary reporting type of goals, a subset of the reporting class. exterior monetary reporting targets tackle the instruction of monetary studies for exterior events, including:

• monetary statements for exterior reasons, and
• different exterior monetary reporting derived from an entity's monetary and accounting books and records.

Users will locate proper methods and examples of ways enterprises may well observe the foundations set forth within the Framework within the layout, implementation and behavior of inner regulate over exterior monetary reporting. The ways and examples are samples of actions for administration to think about, instead of a whole or authoritative record

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Additional info for Internal Control - Integrated Framework: Internal Control Over External Financial Reporting: A Compendium of Approaches and Examples

Sample text

The components, principles, and definitions illustrated in the Compendium are consistent with those found in the Framework, and readers should refer to the Framework for a comprehensive discussion of how entities design, implement, and conduct a system of internal control, and for the requirements of effective internal control. Considerations for External Financial Reporting This section considers some unique aspects of applying the Framework in the context of external financial reporting, especially the preparation of financial statements for external purposes.

These statements may, for instance, be publicly filed with a regulator or distributed through annual meetings, an entity’s website, or other electronic media. Another form of financial statements prepared for external purposes may be financial reports prepared in accordance with a special purpose framework, such as those established by taxing authorities or regulatory agencies, or those required through contracts and agreements. , reporting to a bank on financial covenants established in a loan agreement, reporting to a taxing authority in connection with filing tax returns, reporting on financial information to an energy regulatory commission).

Expectations Relating to Preventing or Detecting Material Omissions and Misstatements and Fraud—Stakeholders today have higher expectations for effective internal control over external financial reporting in preventing and detecting material omissions and misstatements due to error and fraud. Each of these changes requires an organization to periodically evaluate the implications on its system of internal control over external financial reporting and to design and implement appropriate responses so that the system of internal control adapts and remains effective over time.

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