A process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
Includes policies and procedures that:
- Maintain records in resonable detail that accurately and fairly reflect the transactions and dispositions of the assets of the issuer
- Ensure receipts and expenditures of the issuer are made only in accordance with authorizations of management and directors, and
- Provide reasonable assurance regarding prevention of timely direction of the unauthorized acquisition, use or disposition of the issuer's assets that could have a material effect on the financial statements.
For each of these services, KPMG takes a risk-based approach to identify the internal controls over financial reporting risks (ICFR) that the organization either has in place, or needs, to address its key financial reporting risks and to support the implementation of its chosen control framework (e.g. COSO).
Continuous Auditing (CA) & Continuous Monitoring (CM) are automated feedback mechanisms used by Internal Audit or Management to monitor IT systems.
CA & CM are automated feedback mechanisms used respectively by Internal Audit or...