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The PAIB Committee have issued new International Good Practice Guidance, Evaluating and Improving Internal Control in Organizations, highlighting areas where the practical application of existing internal control standards and frameworks often fails in many organizations. The new guidance will assist professional accountants in business as they work with their organizations to continuously evaluate and improve internal control, and ensure that it is an integrated part of the organization’s systems of governance and risk management. Better integrated internal controls can save the organization time and money while helping to create and preserve value.
This guidance helps professional accountants in business ensure their organization has sound internal control practices that are continuously adapted to changing circumstances, a critical function. Organizations are most successful when they can take advantage of opportunities and defend against threats, both of which are enabled by an appropriate system of internal control.
The guidance also helps organizations evaluate and review their internal controls at all levels and within all functions to continue to achieve their objectives. Using this guidance, professional accountants in business can help lead their organization through this process to further improve internal control.
Access the full guidance here. |
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