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Internal Controls Policies and Procedures

  • ID: 2325543
  • Book
  • October 2008
  • Region: Global
  • 288 Pages
  • John Wiley and Sons Ltd
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Steps for establishing and enhancing a company′s internal control program
The governance journey: internal controls are not just about SOX
Building on Accounting and Finance Policies and Procedures to include Sarbanes–Oxley controls and introduce testing and audit readiness assessments

Praise for Internal Controls Policies and Procedures

"With many years as a consultant to numerous companies big and small, Rose brings a wealth of experience and knowledge to bear on the topic of internal controls in Internal Controls Policies and Procedures. Instead of ′reinventing the wheel,′ companies can use this useful how–to manual to quickly put an effective program of internal controls in place. It will prove to be an invaluable guide to internal auditors at companies of all sizes."
MARK GREENQUIST, President and CEO, Telcordia Technologies, Inc.

"I have implemented, used, corrected, reviewed, and enhanced internal controls systems for most of my career. Getting started and following a path, founded in the COSO framework, is oftentimes the most difficult step in the process. What do you have to do? Why do you have to do it? How do you do it, and most important, how do you document what you have done? The author has answered these questions in an easy–to–read format and provided many useful tools and checklists to facilitate the completion of the internal controls process review. An extremely useful tool."
WILLIAM H. HOGAN, Executive Vice President and Chief Financial Officer, Multi Packaging Solutions, Inc.

"The methodology presented within this publication is complete with flowcharts and checklists, which serve as a desktop reference for all organizations. Internal controls are dynamic and must be periodically reviewed and updated. Internal auditors play an important role in the process, but internal controls are the responsibility of all employees within an organization. I highly recommend this book both to auditors and management as a best practices model for establishing and enhancing their organization′s control framework."
JIM KAPLAN, President and CEO, AuditNet.org, the global resource for auditors, and the recipient of the IIA′s 2007 prestigious Bradford Cadmus Memorial Award

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How to Use this Manual xi

Preface xiii

Governance Journey 1

A01 Big G to little g governance journey 3

Appendix: Background for COSO, SOX, PCAOB 7

A02 Risk Assessment 10

A03 Oversight 16

A04 Documentation 20

Internal Control Program 25

B01 Internal Control Program 27

B02 Internal Control Process 37

B02a Internal Control Policy and Procedure 52

B02b Internal Control Program Charter 55

B02c Internal Control Plan 57

B03 Authorization and Approval Program 69

B03a Delegation of Authority 73

B03b Authorization Delegation, SubDelegation of Authority 79

B03c Responsibility, Authority, Support, Counsel, and Inform (RASCI) 83

B04 Information Technology Program 87

B04a End User Computing Control of Spreadsheets Policy and Procedure 95

B05 Account Reconciliation Program 97

B05a Account Reconciliation 101

B06 Quarterly Subcertification Program 105

B06a Quarterly Subcertification 120

B06b Quarterly Subcertification Matrix 122

B06c Quarterly Financial Subcertification Training For First–Time Subcertifiers 124

Control Activity Program Testing Guides 133

C01 Control Activity Program 135

C01a Control Activities Template 147

C01b Result of Control Activity Testing 148

C01c Internal Control Planning, Testing, and Remediation Worksheet 149

C01d Reporting Scorecard 151

C02 AP Disbursements 153

C02a AR Allowance for Doubtful Accounts 158

C02b AR Cash Applications 162

C02c AR Collections 166

C02d AR Credit Administration 169

C02e Cash and Marketable Securities 172

C02f Financial Planning and Analysis 176

C02g Fixed Assets, Long Lived Assets 179

C02h Intercompany Transactions Cross Charges 183

C02i Raw Materials and Inventory 187

C02j Journal Entries 194

C02k Payroll 197

C02l Procurement 201

C02m Revenue Recognition 205

C02n Retail Sales Orders to Business Partners 209

C02o Income Tax 213


Internal Control Planning, Testing and Remediation Worksheets 217

Acronyms 263

References 265

Index 267

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Rose Hightower
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