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马上开始练习 >>> 1.1 Definition of internal control
Internal control: any action taken by management to provide reasonable assurance regarding the achievement of objectives in the following categories:
<1> Reliability of internal control to safeguard the shareholders’ investment and the company’s assets
<2> Reliability of financial reporting to compliance with applicable laws and regulations
<3> Effectiveness and efficiency of operations to achieve the objectives and goals of the organization
1.2 Objectives of internal control (Turnbull guidance on internal control)
An internal control system consists of the policies, processes, tasks, behaviors and other aspects of a company that taken together:
<1> Facilitate its effective and efficient operation by enabling it to respond appropriately to significant business, operational, financial, compliance and other risks to achieving the company’s objectives. This includes the safeguarding of assets from inappropriate use or from loss and fraud, and ensuring that liabilities are identified and managed
<2> Help ensure the quality of internal and external reporting. This requires the maintenance of proper records and processes that generate a flow of timely, relevant and reliable information from within and without the organization.
<3> Help ensure compliance with applicable laws and regulations, and also with internal policies of business.
1.3 Element of control systems
<1> Plan, target, standard, objective
<2> Sensor: detects the actual control system behavior, and gather information about it
<3> Input, process and output: the main stage of operation
<4> Comparator: compares actual system behavior with the plan
<5> Effector: enact control action to change the actual system behavior, take action to reduce failures
1.4 Process of internal control system
<1> Identification of system objectives
<2> Setting target for system objectives
<3> Measuring achievement/output of the system
<4> Compare achievement with target
<5> Identifying what corrective action might be necessary
<6> Implementing corrective action
1.5 Importance of Internal control and risk management in corporate governance
<1> They help companies to achieve planned objectives in a effective and efficient way
<2> They set up reliable internal control system and risk management to reduce significant business, operational, financial and other risks
<3> They are fundamental components of good corporate governance, and ensure compliance with applicable laws and regulations
<4> They safeguard shareholders investment and companies’ assets from inappropriate use
<5> They enhance the quality and reliability of internal and external reporting
1.6 Characteristic of a sound internal control system
<1> Be embedded in the operation of the company and form part of its culture
<2> Be capable of responding quickly to evolving risks within the business
<3> Include procedures for reporting immediately to management significant control failings and weakness together with control action being taken (effective monitoring on a continuous basis)
1.7 Consideration for the element of internal control system
The board must ensure that the system of internal control is effective in managing risks. It should consider:
<1> The nature and extent of the risks facing the company
<2> The extent and categories of risk which it regards as acceptable for the company to bear
<3> The likelihood of the risks concerned material
<4> The company’s ability to reduce the incidence and impact on the business of risks that do material
<5> The costs of operation particular controls relative to the benefit thereby obtained in managing the related risks
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