X hits on this document

Powerpoint document

Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 121 / 352

1763 views

0 shares

1 downloads

0 comments

121 / 352

121

© D.L. Crumbley

The Costs and Benefits of Internal Controls

Reliable financial reporting adds value and also can offset risks in a manner that is cost-beneficial to a company.Evaluating a company’s internal control over financial reporting is sometimes costly, but also has many far-reaching benefits.

Some of the benefits of a company developing, maintaining, and improving its system of internal controls include identification cost-effective procedures, reducing costs of processing accounting information, increasing productivity of the company’s financial function, and simplifying financial control systems.

The primary benefit, however, is to provide the company, its management, its board and audit committee, and its owners, and other stakeholders with a reasonable basis to rely on the company’s financial reporting.

Source: PCAOB Briefing Paper, Proposed Auditing Standards, October 7, 2003.

Document info
Document views1763
Page views1784
Page last viewedSat Dec 10 21:20:55 UTC 2016
Pages352
Paragraphs4554
Words31092

Comments