Stude
ntIFAC Board
Final Pronouncement
Exposure Draft
June 2012
October 2011
Comments due: February 29, 2012
Professional Accountants in Business Committee
International Good Practice Guidance
Evaluating and Improving
Internal Control in Organizations
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.
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and not -for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business. To achieve this objective, its activities focus on:
increasing awareness of the important roles professional accountants play in creating, enabling, preserving, and reporting value for organizations and their stakeholders; and
supporting member bodies in enhancing the competence of their members to ful fill those roles. This is achieved by facilitating the communication and sharing of good practices and ideas.
Copyright © June 2012 by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please see page 24.
GOOD PRACTICE GUIDANCE
EVALUATING AND IMPROVING INTERNAL CONTROL
IN ORGANIZATIONS
CONTENTS
Page
1. Introduction .....................................................................................................................
4
2. W hy Internal Control is Important
Final Pronouncement
Exposure Draft
June 2012
October 2011
Comments due: February 29, 2012
Professional Accountants in Business Committee
International Good Practice Guidance
Evaluating and Improving
Internal Control in Organizations
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.
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and not -for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business. To achieve this objective, its activities focus on:
increasing awareness of the important roles professional accountants play in creating, enabling, preserving, and reporting value for organizations and their stakeholders; and
supporting member bodies in enhancing the competence of their members to ful fill those roles. This is achieved by facilitating the communication and sharing of good practices and ideas.
Copyright © June 2012 by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please see page 24.
GOOD PRACTICE GUIDANCE
EVALUATING AND IMPROVING INTERNAL CONTROL
IN ORGANIZATIONS
CONTENTS
Page
1. Introduction .....................................................................................................................
4
2. W hy Internal Control is Important