Ad
related to: examples of financial controls
Search results
Results From The WOW.Com Content Network
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 auditor must test entity-level controls that are important to the auditor's conclusion about whether the company has effective internal control over financial reporting. Depending on the auditor's evaluation of the effectiveness of the entity-level controls, the auditor can increase or decrease the amount of testing that they will perform.
Capital controls were an integral part of the Bretton Woods system which emerged after World War II and lasted until the early 1970s. This period was the first time capital controls had been endorsed by mainstream economics. Capital controls were relatively easy to impose, in part because international capital markets were less active in ...
Domain specific GRC vendors understand the cyclical connection between governance, risk and compliance within a particular area of governance. For example, within financial processing — that a risk will either relate to the absence of a control (need to update governance) and/or the lack of adherence to (or poor quality of) an existing control.
In common use, control accounts refer to those that would, under ideal circumstances, balance to zero. For example, an inventory control account will hold the balance amount between a stock account updated by stock transactions on the balance sheet and the value of stock on hand multiplied by its unit cost.
Product Control is a control and support function, responsible for ensuring accurate financial reporting for trading, lending and treasury desks. [1] [2] The function is an important risk management element within investment banking, and is also often employed by corporate treasuries, hedge funds, and more recently, crypto trading firms.
[1] [2] Neely (1999) summarized some other nonprudential ways of exercising capital controls. [3] For example, restrictions on the volume and price for domestic currency and financial asset transactions, requirements for administrative approval of capital outflow, or limits on the amount of money that a citizen is allowed to take out of the ...
A mitigating control is type of control used in auditing to discover and prevent ... For example, a Company's financial accounting may fail to record a financial ...