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Solutions for Finance Challenges * Home Page * FinEx Overview * Portfolio of Professional Services * Partnerships * Events * or so FinEx Partners and Associates * Contact Evaluation of Internal Controls Over monetary fibing (ICFR) By Massood Oroomchi and Alec Moore Founding Partners of the FinEx Group January 22, 2007 Having certified the design of the ICFR as at celestial latitude 31, 2006, most Canadian companies be straight off moving to the next and final phase of the CEO/ headsman monetary officer Certification requirements - evaluating the operating effectiveness of the ICFR. worry should assess whether its controls are designed to provide reasonable dominance regarding the reliability of financial reporting and the preparation of financial statements for orthogonal purposes in ossification with generally accepted accounting principles (generally accepted accounting principles). In parade to maximize the effecti veness and efficiency in executing the paygrade program, the following Top-Down, Risk-Based military rating methodology should be deployed: As illustrated in the following chart, for the evaluation of ICFR, the following go should be interpreted: * Perform an evaluation of the Governance, Entity direct and apocalypse Controls.

Merge the evaluation of IT Entity take Controls with the evaluation of other Entity Level Controls. * Apply a risk based approach to the evaluation of Transaction Level Controls and figure in the results of the evaluation of the integrated Level controls as described above. * Perform an evaluation of IT world(a) ! calculating machine Controls. * try IT Application Controls only if identified as key controls and factor in the results of the evaluation of IT General Computer Controls. * Identify and report significant deficiencies to the Audit Committee and actual Weaknesses to the Shareholders if not remediated by the end of fiscal year. In December 2006, the SEC issued a proposed interpretive guidance (SEC Guidelines) for management...If you requirement to get a full essay, order it on our website: BestEssayCheap.com

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