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
Heath Foods's bonds have 6 years left over to maturity. The bonds have a face value of $1,000 and a yield to maturity of 8%. They pay interest yearly and have a 10% coupon rate. Wh

The comparative balance sheets for 2013 and 2012 are given below for Surmise Company. Net income for 2013 was $80 million. SURMISE COMPANY Comparative Balance Sheets December 31, 2

What is a cash budget? How it is useful in managerial decision making?

The discount rate used must normally reflect the weighted average cost of equity and debt taking into account the systematic risk of the investment. A company's weighted average co

Q. Evlaute Expected value of sales volume? (17500 × 0·3) + (20000 × 0·6) + (22500 × 0·1) = 19500 units Expected NPV = (((19500 × 1·35) - 10000) × 3·605) - 50000 = $8852 W

Efficiency Ratios - These ratios include Receivables Turnover, Inventory Turnover, Asset Turnover and Net Working Capital Turnover ratios. Efficiency ratios demonstrate the utili

what is the treatment of increase in allowance receivable.

J inherited 30000 & decides to open a saloon.1/4/2016.under jasper.commits 10000 to the business .opens a a/c in the bank as jasper. What will be th capital amount in his books o

Funding the investment by an issue of ordinary shares could tender several advantages to Springbank plc. Gearing would drop to 47% (3·5/7·4) fewer than half of the sector average o

The Wanless Corporation provides Internet consulting services to a wide-range of customers. The company's fiscal year ends on December 31. For the year ended December 31, 2011, the