Establishment of Sound Internal Control Systems

Internal Control Guidebook Part I - Why, What and How

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160 pages
Language:
 English
Many of the corporate scandals could have been prevented through effective internal controls.
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About the author

Christina Liu, CPA, MSA, has extensive experiences in auditing and accounting fields with different industries including public accounting, state/local governments, nonprofit organizations, and telecommunications. She earned MSA and BS degrees from American University in Washington, D.C. She gained...

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Part I provides guidance the reader needs to assume a role in the design, implementation, evaluation and maintenance of a sound internal control structure. Part II explains why fraud occurs and how recognize and respond to it. It provides credible guidance from leading professional organizations to help the reader develop effective anti-fraud strategies. It contains case studies that demonstrate real life problems, checklists that evaluate the strength of fraud prevention and detection system, as well as a sample code of ethics, a fraud policy template, and an outline of fraud response plan.

About the author

Christina Liu, CPA, MSA, has extensive experiences in auditing and accounting fields with different industries including public accounting, state governments, nonprofit organizations, and telecommunication. She earned MSA and BS degrees from American University in Washington, D.C. She gained her public accounting experience with KPMG and held internal auditor positions with several government agencies and private companies. She has authored numerous continuing professional education courses for certified public accountants (CPA).

  • Part I
  • What Will This Book Do for You?
  • How to Navigate This Book?
  1. Why Do We Need Internal Controls?
    1. Executive Summary
    2. Learning Objectives
    3. Fundamentals of Internal Controls
    4. The COSO Internal Control Framework
    5. Common Internal Control Strategies
    6. Self-Test
  2. How to Establish a Robust Internal Control Framework?
    1. A Risk-Based Approach
    2. Control Design and Operational Effectiveness
    3. The Three Lines of Defense Model
    4. Self-Test
  3. How Does the Sarbanes-Oxley Act Enhance the Corporate Governance in the U.S.?
    1. Highlights of the Sarbanes-Oxley Act
    2. Enhanced Corporate Transparency and Executive Accountability
    3. Strengthened Auditor Independence and Audit Committee
    4. Self-Test
  • Appendix A: Sample of Internal Control Questionnaire
  • Appendix B: Starbucks Code of Ethics
  • Appendix C: Important Facts and Concepts related to the Green Book and Internal Control
  • Appendix D: Internal Control Framework for Government Entities
  • Appendix E: Commonly Used Financial Ratios
  • Appendix F: Risk Factors Relating to Misstatements Arising From Fraudulent Financial Reporting
  • Appendix G: Risk Factors Relating to Misstatements Arising From Misappropriation of Assets
  • Glossary
  • Reference

A very comprehensive book, addressing every key topic you need to know about internal controls. A must read for anyone; from auditor, accountants, to management.
May 14, 2019 at 7:28 PM
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