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Accounting. In financial auditing of public companies in the United States, SOX 404 top–down risk assessment (TDRA) is a financial risk assessment performed to comply with Section 404 of the Sarbanes-Oxley Act of 2002 (SOX 404). Under SOX 404, management must test its internal controls; a TDRA is used to determine the scope of such testing.
A financial audit is conducted to provide an opinion whether "financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared ...
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external. In a U.S. publicly traded company, an audit committee is an operating committee of the board of directors ...
Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. [1] This involves the preparation of financial statements available for public use. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are ...
Founded in 1887 as the American Association of Public Accountants (AAPA), the organization sets ethical standards and U.S. auditing standards. It also develops and grades the Uniform CPA Examination. AICPA is headquartered in Durham, North Carolina, and maintains additional offices in New York City, Washington, D.C., and Ewing, New Jersey.
For Governmental Accounting Standards Board, see Governmental Accounting Standards Board. The Financial Accounting Standards Board (FASB) is a private standard-setting body [ 1 ] whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and ...
Development. Misconduct. v. t. e. 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. Generally, entity refers to the entire company.
System and Organization Controls (SOC; also sometimes referred to as service organizations controls) as defined by the American Institute of Certified Public Accountants (AICPA), is the name of a suite of reports produced during an audit. It is intended for use by service organizations (organizations that provide information systems as a ...