Expressing Opinions on Internal Control

A real keeper - (enjoy).

 

1. Everyone has an opinion on internal control.

 

2. Some great ;resources to assist are provided below.

3. I would ;welcome receiving your favorite resources to add to this growing (resource list).

 

4. Practical Considerations Regarding Internal Auditing Expressing an Opinion on Internal Control

 

www.theiia.org/download.cfm?file=25663

Enjoy.

Dan

www.securitybenchmark.com

http://finance.groups.yahoo.com/group/Dans_SECemails/
http://finance.groups.yahoo.com/group/Dans_CCCemails/
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Have you assessed your system of internal control?

Has this evaluation been shared with Management?

How about with your Board?

How accurate are the disclosures to your shareholders?

To your other stakeholders?

Where are we going next?

Read on...

(i.e. leading resources to assist your efforts)
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Section A is from AICPA and the Big 4.

Section B is efforts by The IIA and COSO.

Section C is about assisting revenue reporting.

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Section A

1. AICPA's audit committee (AC) effectiveness center - (MASSIVE).

http://www.aicpa.org/audcommctr/homepage.htm

2. The Big 4's informational site (good content).

http://www.s-oxinternalcontrolinfo.com/

3. A new AC tool - for working through

an "adverse" opinion.

www.aicpa.org/audcommctr/spotlight/SOX_Section_404.htm

4. The Big 4's view on internal control representations.

http://www.s-oxinternalcontrolinfo.com/guides.htm

5. Addressing fraud ;

 

http://www.aicpa.org/antifraud/homepage.htm
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Section B

1. Expressing Opinions on Internal Control.

 

THE Key (Entry Page).

http://www.theiia.org/index.cfm?doc_id=5317

 

2. Putting COSO’s theory into practice

 

An issue of Tone at the Top focuses on COSO’s new guidance for using the Internal Control — Integrated Framework to ensure the effectiveness of internal control over financial reporting. Although the Guidance for Smaller Public Companies Reporting on Internal Controls over Financial Reporting was developed for smaller organizations, it is appropriate for companies of all sizes.

 

http://www.theiia.org/download.cfm?file=42122

 

3. Other COSO related resources are at:

 

http://www.theiia.org/?doc_id=4884

4. Enterprise Wide Risk Management.

http://www.theiia.org/?doc_id=4884

5. Leading IIA reports and guidance.

http://www.theiia.org/index.cfm?doc_id=5175

6. Other resources from the IIA <MANY SUBJECTS&gt;.

http://www.theiia.org/index.cfm?doc_id=4843

7. The IIA's efforts in technology continues.

http://www.theiia.org/index.cfm?doc_id=2458

8. Finally, how are your efforts in quality management doing?

http://www.theiia.org/index.cfm?doc_id=5350
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SECTION C - Revenue reporting resources.

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"Weakness of attitude becomes weakness of character". — Albert Einstein.

"Learning to live our life with no regrets often stems from some painful experience that we couldn't take back. When we realize we could have acted differently, this important Awareness is then a gift that can guide our future behavior towards inner peace". — Chelle Thompson, Editor of Inspiration Line

"Little progress can be made by merely attempting to repress what is evil; our great hope lies in developing what is good". — Calvin Coolidge, 30th President of the United States (1923-1929)
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Its now April ;2006 !!! (WOW).

- Have you assessed your financial reporting&nbsp;

lately?

- Are your disclosures appropriate?

- Where to next in this effort for transparent governance?

- How about contributing to trust - (back into public markets?)

- What improvements would be beneficial?

- Bottom Line - Where do you see your Finance function in 3 years ;and do you have a plan? (to get there).

Read on ... (for the latest resources available).

Enjoy,

Dan
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1. Revenue recognition ok? (check out CFO site).

http://www.revenuerecognition.com/

2. Internal control over financial reporting improving? (see COSO).

http://www.theiia.org/?doc_id=4884

3. Are your opinions in order? (The IIA of course).

http://www.theiia.org/index.cfm?doc_id=5317

4. Disclosures working well? (CICA has just finalized new guidance).

"Understanding Disclosure Controls and Procedures: Helping CEOs and CFOs Respond to the Need for Better Disclosure" (December 2005)- by
Peter W. Roberts, FCA, CPA (Illinois) and Gordon Beal, CA

www.cica.ca/index.cfm/ci_id/29051/la_id/1.htm

5. Improving your Finance function? (I always study the resources available at FEI & CMA-Canada although there are many others such as IFAC, AICPA, NACD, and many more).

a) FEI

http://www.fei.org/

b) CMA-Canada

http://www.cma-canada.org/

c) IFAC

www.ifac.org

d) AICPA

http://www.aicpa.org/audcommctr/homepage.htm

e) NACD

www.nacdonline.org

6. Finally, a huge "gem" for last, i.e. a summary of leading resources from various organizations - (created over the past 2 1/2 years)!!!

http://www.theiia.org/?doc_id=4668

Enjoy,

Dan
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Vitamins for the Mind by Jim Rohn -- (Financial Independence)
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Shortly after I met my mentor he asked me, "Mr. Rohn, how much money have you saved and invested over the last six years?" And I said, "None." He then asked, "Who sold you on that plan?"

It is better to be a lender than a spender.

To become financially independent you must turn part of your income into capital; turn capital into enterprise; turn enterprise into profit; turn profit into investment; and turn investment into financial independence.

Financial independence is the ability to live rom the income of your own personal resources.

If you depend on your company to take care of your retirement, your future income will be divided by five. Take care of it yourself, and
you can multiply your future income by five.

I remember saying to my mentor, "If I had more money, I would have a better plan." He quickly responded, "I would suggest that if you had
a better plan, you would have more money." You see, it's not the amount that counts; it's the plan that counts.

If you were to show me your current financial plan, would I get so excited by it that I would go across the country and lecture on it? If the answer is no, then here's my question: "Why not"? Why wouldn't you have a superior financial plan that is taking you to the places you want to go?

I used to say, "Things cost too much." Then my teacher straightened me out on that by saying, "The problem isn't that things cost too much. The problem is that you can't afford it." That's when I finally understood that the problem wasn't "it" – the problem was "me."

The Bible says that it is hard for a rich man to enter into the kingdom of heaven. It doesn't say that it is impossible!

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Vitamins for the Mind is a weekly sampling of original quotes, on a specific topic, taken from The Treasury of Quotes by Jim Rohn(TTOQ). TTOQ, a beautiful, burgundy hardbound book with gold foil lettering, is a collection of over 365 quotes on 60 topics gathered from Jim's personal journals, seminars and books spanning over 39 years. To order the TTOQ by Jim Rohn or Excerpts from TTOQ by Jim Rohn or Brian Tracy, please go to Jim Rohn's Online Catalog

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