internal control


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Noun1.internal control - an accounting procedure or system designed to promote efficiency or assure the implementation of a policy or safeguard assets or avoid fraud and error etc.
inventory control - supervision of the supply and storage and accessibility of items in order to insure an adequate supply without excessive oversupply
control - the activity of managing or exerting control over something; "the control of the mob by the police was admirable"
management control - an internal control performed by one or more managers
quality control - maintenance of standards of quality of manufactured goods
accounting - a system that provides quantitative information about finances
References in periodicals archive ?
* Proposed Statement on Standards for Attestation Engagements, An Examination of an Entity's internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements (Supersedes AT Section 501.
The SEC's approval means registered audit firms are required to use the new standard for all internal control audits no later than for fiscal years ending on or after November 15, 2007.
As you can see, internal control continues to be a hot topic for management accountants, especially given today's business climate.
Instead, the CSA has proposed expanding Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings to require all reporting issuers, other than investment funds, in all Canadian jurisdictions, to certify in their annual CEO and CFO certifications that they have evaluated the effectiveness of their internal control over financial reporting.
While Sarbanes-Oxley does not directly affect governments, the increased scrutiny of and renewed interest in internal control has spilled over to the public sector.
This, along with the challenges of pulling together evidence in Indonesia of activities that had occurred nearly 10 years earlier in some instances, likely explains both the civil nature of the suit and the settlement on the basis of only the accounting and internal control provisions.
Collier County Board of County Commissioners is soliciting proposals for a software solution to assist with the building of a complete internal controls framework which will be a continuous monitoring tool to assist the Agency in managing its internal control risks based on the COSO Integrated Internal Control Framework/ GAO Green Book for an estimated user license base of approximately two hundred (200).
For many, when they think of internal control --or specifically about the Committee of Sponsoring Organization's (COSO) Internal Control Integrated Framework--they think of Sarbanes-Oxley compliance.
The PCAOB continued this focus on internal controls and, specifically, on the COSO framework in 2004, when it issued Auditing Standard (AS) 2, An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements, and explicitly referenced the COSO framework as an appropriate framework to use when evaluating internal controls.
In accordance with the FMFIA, in DoD organizations the internal control framework and reporting process relies in great part on self-reporting from the bottom up.
Management must reassess its internal control procedures for identifying VIEs and determine whether they should be consolidated, as well as extend its ongoing evaluation of internal controls to include newly consolidated entities.
Recommendation: To improve internal controls over the E-rate program, the Federal Communications Commission should develop policies and procedures to periodically monitor the internal control structure of the E-rate program, including evaluating the costs and benefits of internal controls, to provide continued reasonable assurance that program risks are targeted and addressed.

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