ACCA備考指導：Theregulatoryframework
發(fā)布時間：2014-02-26 共1頁
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’.
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’.
