The International Federation of Accountants (IFAC) released on Aug 22, 2006 a paper on Global Development in Internal Control which is developed by Professional Accountants in Business (PAIB) committee entitled “Internal Controls- A Review of current Developments”. The paper summarizes key internal control frameworks, highlights recent legislative and other initiatives, and it also discusses the role of internal control in enhancing corporate governance.
PAIB Committee Chair Bill Connell pointed out, “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,"
The paper identifies the importance of the tone at the top and the culture and ethical framework throughout the organization to the effective implementation of an internal control system.
The PAIB Committee serves IFAC member bodies and more than one million professional accountants worldwide who work in commerce, industry, the public sector, education and the not-for-profit sector. It aims to enhance the profession by encouraging and facilitating the global development and exchange of knowledge and best practices.
IFAC is the worldwide organization for the accountancy profession dedicated to serve the public interest by strengthening the profession and contributing to the development of strong international economies.
For more information please visit the following website: www.ifac.org