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Internal control is a key element of the Foreign Corrupt Practices Act (FCPA) of 1977 and the Sarbanes–Oxley Act of 2002, which required improvements in internal control in United States public corporations. Internal controls within business entities are also referred to as operational controls. The main controls in place are sometimes ...
The COSO framework defines internal control as a process, carried out by the board of directors, the administration and other personnel of an entity, designed to provide "reasonable security" with respect to the achievement of objectives in operations, financial reporting, and compliance with applicable laws and regulations.
An entity-level control is a control that helps to ensure that management directives pertaining to the entire entity are carried out. These controls are the second level [ clarification needed ] to understanding the risks of an organization.
Consolidation-Special Purpose Entities 1998 July 1, 1999: January 1, 2013: IFRS 10: SIC 13 Jointly Controlled Entities-Non-Monetary Contributions by Venturers 1998 January 1, 1999: January 1, 2013: IFRS 10: SIC 14 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items 1998 July 1, 1999: January 1, 2005: IAS 16: SIC 15
AA Berle, Non-Voting Stock and Bankers Control (1925–1926) 39 Harvard Law Review 673; AA Berle, Corporate Powers as Powers in Trust (1931) 44 Harvard Law Review 1049; AA Berle, The Theory of Enterprise Entity (1947) 47(3) Columbia Law Review 343; AA Berle, The Developing Law of Corporate Concentration (1952) 19(4) University of Chicago Law ...
This scoping decision is part of the entity's SOX 404 top-down risk assessment. In addition, Statements on Auditing Standards No. 109 (SAS109) [4] discusses the IT risks and control objectives pertinent to a financial audit and is referenced by the SOX guidance. IT controls that typically fall under the scope of a SOX 404 assessment may include:
In the United States, the Single Audit, Subpart F of the OMB Uniform Guidance, is a rigorous, organization-wide audit or examination of an entity that expends $750,000 or more of federal assistance (commonly known as federal funds, federal grants, or federal awards) received for its operations.
This will include planning-centric software and the tools to support strategic and tactical planning for and across the enterprise, such as: strategy formation and scenario planning software (for example, supporting Sales and operations planning process) performance measurement and evaluation software; project management software