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1、From：The Chartered Institute of Management Accountants（CIMA）Management Accentuating 2009.2（MANAGEMENT ACCOUNTINRISK AND CONTROL STRATEGY INTERNAL CONTROL）Discussion Internal Control System in EnterprisesAbstract ：article has conducted the comprehensive analysis research in view of enterprises intern
2、al control, through to the internal control basic concept and the principle theory discussion, elaborated the business management implementation internal control significance, has profited from COSO to the internal control concept and to the internal control environment limits, analyzes Our country
3、Enterprise the flaw which exists in this aspect. And on enterprises internal control system construction, proposed some solution, elaborated own viewpoint and the suggestion. Keywords: Internal Control System the Limitation of Internal Control System in EnterprisesLimitation of Internal Control Syst
4、em in Enterprises，Referring to the latest research results of COSO, and with the application of legislation and practice based on circle operations and material operations, this paper tries to focus on the establishment of internal control based on risk management。Exploration of the Internal Control
5、 Syzran of Modern Enterprises。Some Thinking about Strengthening Internal Control in Enterprises，Internal control method of preventing enterprise business risk。Existing Theories of Invalidation of Internal Control Mechanism & the Train of Resolving Thoughts。Inquiry into the Theory and Practice of Cor
6、porate Internal Control in China。Thought about perfecting internal control of enterprises。An Inquiry into the Concept and Fundamental Natures of Internal Control。Internal Control and The Quality of Accounting data。Some Think on Strengthening Internal Control of Enterprise，Getting out of the Blind Ar
7、ea of Internal Control and Aiming at the Perfection of Internal Control system, Internal Control of account information system under network environment。The Fuzzy Appraisal of the Fitness of the Internal Control to Strategy。Internal Corporate Governance and Internal Control，Development of Environmen
8、t Control and Internal Control System，Strengthen accounting supervision and perfect internal control system in construction enterprises。Getting out of the Blind Area of Internal Control and Aiming at the Perfection of Internal Control system。The Perfecting of Internal Control System in Enterprise。Am
9、plify internal control system and safeguard against financial risk。Development of Environment Control and Internal Control System。Strengthen accounting supervision and perfect internal control system in construction enterprises。Suggestions on establishing internal control system of enterprises，Incre
10、asing Enterprises Financial Information。Quality through Perfecting Enterprises Internal Control System。Promoting the Development of Enterprises through Perfecting Enterprises Internal Control System。Research on Internal Control System of Environmental Protection in Enterprises，The necessity of impro
11、ving national-enterprises internal control system under the market economy condition。Establishing and Perfecting the Internal Control System (ICS) within the Enterprise。Strengthens Internal Control System, Governs Accounting Information Distortion。To strengthen internal control system, and raise ent
12、erprise economic benefits。The establishment and perfection of internal control system in enterprises。The Importance of and Measures for Establishing and Perfecting the Internal Control System in Enterprise。Internal Audit is the Point of Emphasis of Internal Control System in Modern Enterprise。LEARNI
13、NG OUTCOMESAfter completing this chapter you should be able to: Discuss the purposes and importance of internal control for an organization; Evaluate risk management strategies; Evaluate the essential features of internal control systems for identifying, assessing and managing risks; evaluate the co
14、sts and benefits of a particular internal control system.IntroductionThe main purpose of this chapter is to define internal control and internal control systems, with its links to the Combined Code and the role of the board in internal control. A classification of control into financial, non-financi
15、al quantitative and non-financial qualitative is provided. The chapter also describes the changing role of the management accountant.A number of qualitative and accounting controls are identified and the chapter concludes with a discussion of the limitations and cost-benefit of internal control.Inte
16、rnal controlInternal control is the whole system of internal controls, financial and otherwise, established in order to provide reasonable assurance of:(一)Effective and efficient operation;(二)Internal financial control;(三)Compliance with laws and regulations This definition reflects the important bu
17、siness reasons for having a system of internal control: to maximize the reliability and timeliness of information for making decisions. It also reflects the need to comply with regulation (see below) whilst there are hundreds of different controls working in any organization; they can be categorized
18、 into four main types:1. Detective: These controls identify undesirable outcomes that have occurred and function after the event has happened. This means that they are suited when it is possible to accept the loss or damage incurred. An example of this type of control is a financial reconciliation (
19、where unauthorized transactions are detected after they have occurred).2. Directive: These controls direct an activity towards a desired outcome. An example of this type of control would be training staff to work towards achieving particular objectives for the organization, or the existence of a str
20、ategy that informs employees, to carry a particular series of acts.3. Preventative: These controls limit or stop the possibility of an undesirable event happening. Examples include physical access controls, separation of duty controls or authorization limits and levels.4 .Corrective: These correct u
21、ndesirable outcomes after they have happened. An example of this might be the terms and conditions of a contract to recover an overpayment from an employee.Internal control systemAn internal control system includes all the policies and procedures (internal controls) adopted by the directors and mana
22、gement of an entity to assist in achieving their objectives of ensuring, as far as practicable, the orderly and efficient conduct of a business, including adherence to internal policies, the safeguarding of assets, the prevention and detection of fraud and error, the accuracy and completeness of the
23、 accounting records, and the timely preparation of reliable financial information (CIMA Official Terminology). An internal control system comprises the control environment and control procedures.Control environment is: The overall attitude, awareness and actions of directors and management regarding
24、 internal controls and their encompasses the management style, and corporate culture and values shared by all employees. It provides a background against which the various other controls are operated (CIMA Official Terminology).Control procedures are: Those policies and procedures in addition to the
25、 control environment which are established to achieve the entitys specific objectives (CIMA Official Terminology).The Institute of Internal Auditors ( IIA) describes the control system as: The attitude and actions of management and the board regarding the significance of control within the organizat
26、ion. The control environment provides the discipline and structure for the achievement of the primary objectives of the system of internal control. The control environment includes the following elements: integrity and ethical values, managements philosophy and operating style, organizational struct
27、ure, assignment of authority and responsibility, human resource policies and practices, and competence of personnel.A further definition of an internal control system is The policies, procedures, practices and organizational structures, designed to provide reasonable assurance that business objectiv
28、es will be achieved and that undesired events will be prevented, or detected and corrected (Information Systems Control & Audit Association (ISACA).COSO model of internal controlCOSOs Enterprise Risk ManagementIntegrated Framework (COSO, 2004) states that internal control is an integral part of ente
29、rprise risk management. This is described in COSOs Internal ControlIntegrated Framework (COSO, 1992) which is encompassed within the ERM framework.The COSO, internal control framework contains five elements:1. Control environment2. Risk assessment3. Control activities4. Monitoring5. Information and
30、communication.The control environment was discussed above. The risk assessment section of the model identifies the risks of failing to meet financial reporting objectives; failing to meet compliance and failing to meet operational objectives. This is consistent with the CIMA definition (above) of in
31、ternal control. COSO recommends the identification of external and internal risks to the organization and its activities.Control activities are the policies and procedures that help ensure management directives are carried out and objectives are achieved. These include both accounting and Nona count
32、ing controls.Information and communications covers the need to capture relevant internal and external information about competition, economic and regulatory matters and the potential of strategic and integrated information systems. Monitoring is concerned with the need for management to monitor the
33、entire control system through specific evaluations. Control activities relate to the procedures carried out and the need to integrate these procedures with risk assessment.The elements of the COSO model were described in detail in the previous chapter. Internal control and the Combined Code Like the
34、 IFAC report ( International Federation of Accountants,1999), the Turnbull report ( Institute of Chartered Accountants in England & Wales,1999) emphasized that Since profits are, in part, the reward for successful risk-taking in business, the purpose of internal control is to help manage and control
35、 risk appropriately rather than to eliminate it. Code C.2 of the Combined Code (Financial Reporting Council, 2003) relates to internal control. Code provision C.2.1 states:The board should, at least annually, conduct a review of the effectiveness of the groups system of internal controls and should
36、report to shareholders that they have done so. The review should cover all material controls, including financial, operational and compliance controls and risk management systems. The Combined Code encompasses the Turnbull Guidance (Institute of Chartered Accountants in England and Wales, 1999), whi
37、ch provides guidance further to Code C.2, that The board should maintain a sound system of internal control to safeguard shareholdersinvestment and the companys assets. Senior executives have long sought ways to better control the enterprises they run. Internal controlsInternal controls are put in p
38、lace to keep the company on course toward profitability goals and achievement of its mission, and to minimize surprises along the way. They enable management to deal with rapidly changing economic and competitive environments, shifting customer demands and priorities, and restructuring for future gr
39、owth. Internal controls promote efficiency, reduce risk of asset loss, and help ensure the reliability of financial statements and compliance with laws and regulations.Because internal control serves many important purposes, there are increasing calls for better internal control systems and report c
40、ards on them. Internal control is looked upon more and more as a solution to a variety of potential problems. What Internal Control Is Internal control means different things to different people. This causes confusion among businesspeople, legislators, regulators and others. Resulting miscommunicati
41、on and different expectations cause problems within an enterprise. Problems are compounded when the term, if not clearly defined, is written into law, regulation or rule.This report deals with the needs and expectations of management and others. It defines and describes internal control to: Establis
42、h a common definition serving the needs of different parties. Provide a standard against which business and other entities-large or small, in the public or private sector, for profit or not-can assess their control systems and determine how to improve them. Internal control is broadly defined as a p
43、rocess, effected by an entitys board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: 1. Effectiveness and efficiency of operations. 2. Reliability of financial reporting. 3. Compliance with ap
44、plicable laws and regulations. The first category addresses an entitys basic businessobjectives, including performance and profitability goals and safeguarding of resources. The second relates to the preparation of reliable published financial statements, including interim and condensed financial st
45、atements and selected financial data derived from such statements, such as earnings releases, reported publicly. The third deals with complying with those laws and regulations to which the entity is subject. These distinct but overlapping categories address different needs and allow a directed focus
46、 to meet the separate needs.Internal control systems operate at different levels of effectiveness. Internal control can be judged effective in each of the three categories, respectively, if the board of directors and management have reasonable assurance that: 1. They understand the extent to which t
47、he entitys operations objectives are being achieved. 2. Published financial statements are being prepared reliably. 3. Applicable laws and regulations are being complied with. While internal control is a process, its effectiveness is a state or condition of the process at one or more points in time.
48、 Internal control consists of five interrelated components. These are derived from the way management runs a business, and are integrated with the management process. Although the components apply to all entities, small and mid-size companies may implement them differently than large ones. Its contr
49、ols may be less formal and less structured, yet a small company can still have effective internal control. The components are:Control EnvironmentThe control environment sets the tone of an organization, influencing the control consciousness of its people. It is the foundation for all other components of internal control, providing discipline and structure. Control environment factors include the integri
