In recent years, global guidance and regulations have focused on the development and strengthening of internal control systems as a means of minimizing business risk and protecting shareholder investments. A new publication, Internal Controls - A Review of Current Developments, released today by the International Federation of Accountants' (IFAC) Professional Accountants in Business (PAIB) Committee, summarizes key internal control frameworks, highlights recent legislative and other initiatives, and discusses the role of internal control in enhancing corporate governance.
"Professional accountants play an important role in supporting the internal control systems of their organizations. This new paper describes much of the current thinking on internal control from countries around the world and is the first step in the PAIB Committee's program to develop practical guidance on internal control," states PAIB Committee Chair Bill Connell.
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