ACIS 2116 Chapter 2 Powerpoints Spring 2009

ACIS 2116 Chapter 2 Powerpoints Spring 2009 - Corporate...

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ACIS 2116 - Chapter 2 Corporate Governance and Ethics
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Corporate Governance System used to promote: Corporate fairness Complete and accurate financial reporting Management accountability
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Corporate Governance System System – includes people, policies and procedures Must be tailored to company
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Parts of Internal Governance System Board of Directors Internal Audit Code of conduct Conflict of interest policies Policies regarding compensation of employees Internal control policies and procedures
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Parts of External Governance System Laws and regulations External auditors and GAAP Creditors Unions Shareholders
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Internal Control   Policies and procedures that provide reasonable assurance that the company’s goals and objectives will be achieved.
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Internal Control   Comprised of five elements: 1. The control environment. 2. Risk assessment 3. Control activities 4. Information and communication 5. Monitoring
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Elements of Internal Control The Control Environment Risk  Assessment Control Activities Information Communication Monitoring COSO Framework (1992)
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Control Environment Owners’ and Managements’ attitudes Organizational structure Human resources policies Oversight by company’s board of directors Extremely Important - Sets Overall Tone
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ACIS 2116 Chapter 2 Powerpoints Spring 2009 - Corporate...

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