Internal control over financial reporting, Financial Accounting

Q. Internal Control Over Financial Reporting?

Internal Control Over Financial Reporting - A process designed by, or under supervision of company's principal executive and principal financial officers or persons performing similar functions and effected by company's board of directors, management as well as other personnel, to provide reasonable assurance regarding reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

1. Pertain to maintenance of records which accurately and fairly reflect transactions and dispositions of the assets of the company.

2. Provide reasonable assurance that transactions are recorded as essential to permit preparation of financial statements in accordance with GAAP and that expenditures and receipts are being made only in accordance with authorizations of management and directors of company.

3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of company's assets which could have a material effect on the financial statements.

Posted Date: 8/17/2013 5:19:29 AM | Location : United States







Related Discussions:- Internal control over financial reporting, Assignment Help, Ask Question on Internal control over financial reporting, Get Answer, Expert's Help, Internal control over financial reporting Discussions

Write discussion on Internal control over financial reporting
Your posts are moderated
Related Questions
BREACH OF TRUST Remedies available to beneficiary: Injunction, Personal action, Criminal liability. Defence of trusts: He may be relieved from liability if, in the opini

1) A magazine offers a one-year subscription at a cost of 15 with renewal the following year 16.50. Also offered is a two-year subscription at a cost of 28. What is the effective a

disscuss the applicability of a operating cycle in vegetable growing bussiness in uganda

The City of Miami must replace a number of its concrete mixer trucks with new trucks. It has received two bids and has evaluated closely the performance characteristics of the seve

You have the following information about rates in London for Eurocurrency loans of one-year duration, the exchange rate between the USD and euros, the currency in which you want fi

What is asset turnover - Asset turnover is a ratio which is considered as measures the effectiveness with which a business uses its assets in relation to the level of sales or inc

To decide in what zone should be placed a store which sells video-cassettes, the manager of a firm which sells and rents cassettes makes a study to estimate the demand for each sto

WHAT IS dEPRECIATION?


A company is necessary by law to offer an issue of new equity finance on a pro-rata basis to its existing shareholders. This makes sure that the existing pattern of ownership and c