Management shall consistently apply the internal control standards to meet each of the internal control objectives and to assess internal control effectiveness.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
In addition to these efforts, we are in the process of documenting and testing our internal control over financial reporting in order to report on the effectiveness of our internal controls as of December 31, 2012, as required following our initial public offering in 2011.
When assessing the effectiveness of internal control over financial reporting and compliance with financial-related laws and regulations, management must follow the assessment process contained in Appendix A. Annually, management must provide assurances on internal control in its Performance and Accountability Report, including a separate assurance on internal control over financial reporting, along with a report on identified material weaknesses and corrective actions.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
Effectiveness of the internal audit function including management focus and action on reports that cited weaknesses and other serious issues to address.
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Understanding what methods of reporting misconduct are effective could help corporate management, government policy makers and accounting researchers to assess the effectiveness of their internal compliance programs.
Based upon the actions taken and our testing and evaluation of the effectiveness of our internal controls, we have concluded the material weakness related to controls over the period-end financial reporting process no longer existed as of December 31, 2010.
When you combine that with an organization that did not tie its expenses to it revenues or even construct any sort of internal metrics to measure the effectiveness of its staff or player wages, you can start to get a picture of how the mighty Rangers arrived at bankruptcy and how 140 years of celebrated footballing history was almost terminated.
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However, we were not able to sufficiently test the operating effectiveness of certain remediated internal controls given the limited time that controls were in operation.
Regardless, after months of being out of the spotlight, the PRD is animated by this opportunity to improve its standing in spite of the internal dissent that still impedes its effectiveness.
This Circular provides guidance to Federal managers on improving the accountability and effectiveness of Federal programs and operations by establishing, assessing, correcting, and reporting on internal control.
WHITEHOUSE: OMB Circular A-123 - Management's Responsibility for Internal Control | The White House
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