One of the most prominent contributors to our economy, but also one of the riskiest, is the manufacturing sector. The products these companies make are often highly perishable, and there are many moving parts in the manufacturing process. As a…
A crucial glance at accounting in business & finance
The current era is the era of trade, business, and commerce. It results in constant business expansions as it grows and becomes more sophisticated. The establishment of accounting long back resulted from realizing that an organization cannot remember all of…
Internal Audit: Should You Conduct It Yourself Or Call Experts?
Checking the status of a company through an internal audit is necessary because only the constant strict control over the financial operations can guarantee the normal operation of the company, not exposed to harmful effects of mistakes, negligence, and fraud…
Studying Coso’s 4 Components Of Internal Control Over Financial Reporting
One of the first requisites for a company’s management is the formulation of reliable financial data. If the business is handled efficiently, it can have a logical consequence which can give access to accurate information that determines the decision making…
Internal Control Over Financial Reporting
INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR) can be defined as a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. IFCR…