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Internal control environment key considerations ... - pwc

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Internal controls are important to every organization, as they represent ... entity level controls that monitor the results of operations. 28 pages
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Internal ControlEnvironmentKey considerations &developments13 January 2014www.pwc.grPwCAgenda1. Introduction2. COSO Update3. ICFR Considerations (PCAOB Alert)4. Key Takeaways2Shipping Industry Accounting & Reporting Update 13 January 2014PwC 3IntroductionSection 1Shipping Industry Accounting & Reporting Update 13 January 2014PwCIntroductionShipping Industry Accounting & Reporting Update413 January 2014 The scope of this session is to discuss recent developments and relevantconsiderations regarding internal controls. Internal controls are important to every organization, as they represent ‘the processeseffected by the BoD, management and other personnel to provide reasonableassurance regarding the achievement of objectives.’Examples:- Authorizations on transactions, such as payments, vessel acquisitions etc.- Procedures and policies etc.- Reviews and checks, such as MGA reconciliations etc.- Monitoring of business results, such as budget versus actual etc. Listed companies are subjec...