ACCA备考指导: The regulatory framework09年ACCA_CAT考试

文章作者 100test 发表时间 2009:07:07 23:37:42
来源 100Test.Com百考试题网


  An area of significant change in recent years
  Increasing emphasis on corporate governance and importance of internal audit
  Types of regulatory influences include:
  Corporate governance requirements
  National legislation
  Industry specific regulations
  Common regulations affecting all activities (e.g. Health and Safety)
  Industry specific regulations
  International regulations
  Statutory framework for internal auditing involves three key areas:
  Corporate governance
  International accounting standards
  Public sector requirements
  Corporate governance
  COSO Report – Internal Control – Integrated Framework, Committee of Sponsoring Organizations defines internal control as a process, effected by directors, management and other personnel, to provide reasonable assurance regarding the achievement of objectives.
  The objectives include:
  Effectiveness and efficiency of operations
  Reliability of financial reporting
  Compliance with laws and regulations
  The main areas of the model are as follows:
  Control environment
  Risk assessment
  Control activities
  Information and communication
  Monitoring
  The latest UK requirements (Listing rules) are set out in the UK Stock Exchange combined Code, with guidance on meeting these requirements set out in the Turnbull report. Turnbull requires that listed companies (i.e. public companies whose shares are listed on the London Stock Exchange) ‘be required to confirm that there is an ongoing process for identifying, evaluating and managing the company’s key risks and that it is regularly reviewed by the board and accords with the guidance’.

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