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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 fiscal 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 without delay moving to the next and final phase of the CEO/ brain monetary officer Certification requirements - evaluating the operating effectiveness of the ICFR. management should assess whether its controls are designed to provide reasonable self-confidence regarding the reliability of financial reporting and the preparation of financial statements for immaterial purposes in ossification with generally accepted accounting principles (generally accepted accounting principles). In parade to maximize the e ffectiveness and efficiency in executing the paygrade program, the following Top-Down, Risk-Based rating methodology should be deployed: As illustrated in the following chart, for the evaluation of ICFR, the following step should be interpreted: * Perform an evaluation of the Governance, Entity direct and apocalypse Controls.

Merge the evaluation of IT Entity direct 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 unified Level controls as described above. * Perform an evaluati on of IT world(a) computing machine Contro! ls. * 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 worldly 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 motive to get a full essay, order it on our website: BestEssayCheap.com

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