An internal control deficiency can be caused by a number of issues but it is primarily defined as an error discovered during internal controls testing (e.g., a payment was coded to utilities when it should have been coded to inventory) or during a review of the internal control evidence (e.g., the internal or external auditors discover the coding mistake rather than management finding it as part of their closing activities). An internal control deficiency may also occur simply from someone forgetting to execute one of their internal controls entirely.
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Internal Control Deficiency
When considering the acquisition of a Foreign entity, it is prudent to review their internal controls for any issues that could be cited under the Foreign Corrupt Practices Act (FCPA). Large fines and increasing enforcement are causing companies to think twice before jumping in to new deals.
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Hiring a new employee in the finance department at your small-to-medium business?
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Have you ever wondered how internal controls can benefit your accounting and financial reporting systems? Have you been worrying excessively, recently, concerning the upcoming audit of your company and possible conflicting situations that could arise? Certainly, for a firm in the 21st century proper accounting management is one of the most vital issues, and that's why smaller companies with limited staff resources in this field should make use of up to date technologies to take care of this. See more via this link:jimmie8owens.typepad.com
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This was an excellent article on why it is more important than ever to accurately document your company-specific risk exposure. The SEC Top 10 List of most frequently questioned issues over the last two years includes “Ineffective internal or disclosure controls”, an area that we believe will be receiving even greater scrutiny in light of the recent Sarbanes-Oxley 404(b) exemption for non-accelerated filers.
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