Internal control over financial reporting, Financial Accounting

Assignment Help:

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.


Related Discussions:- Internal control over financial reporting

Compute the npv of the cash flows, Ace Company has a 30 percent marginal ta...

Ace Company has a 30 percent marginal tax rate and uses a 12% discount rate to compute NPV. The firm started a venture that will yield the following before-tax cash flows: year 0,

Greek Debt Exchange, Greek Debt Exchange On the evening of February 20, 201...

Greek Debt Exchange On the evening of February 20, 2012 private institutional investors, representatives of the IMF, ECB, and European governments agreed to a major "intervention"

Estimate the montly sales budget, Your friend Peter is planning to set up a...

Your friend Peter is planning to set up a new business which will manufacture and sell wooden tables. The parts that make up the table consist of a wooden table top measuring 1m by

Calculate interest rates and volatilities , The following market data are a...

The following market data are available for interest rates and volatilities associated with standard maturities: Suppose you are holding a bond portfolio which invests in a

The most common critical point for recognizing revenue, for a typical manuf...

for a typical manufacturing company, the most common critical point for recognizing revenue is the date a an order is recieved b. production is completed c the product is delievere

State the benefits of accounting information, State the Benefits of account...

State the Benefits of accounting information Benefits of accounting information ultimately decline. Cost of providing information, though, will rise with every additional piec

Finance management, Establish a budget and allocate funds in accordance wit...

Establish a budget and allocate funds in accordance with statutory and organisational requirements

Financial accounting, Financial Accounting An accounting technique that...

Financial Accounting An accounting technique that records, interprets, and reports the historical cost transaction of an organization. An organization records these transaction

Reserve requirement , 2(i). If all depositors tried to convert their deposi...

2(i). If all depositors tried to convert their deposits into cash at once, they would find that there are not sufficient reserves in the system to permit all of them to do this at

Calculate a volatility smile, I am taking  finance class. Our books is John...

I am taking  finance class. Our books is John C. Hull 2nd edition Risk Management and Financial Institutions.  Our HW  are from this book. I have four questions I need help with.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd