New York--The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) released on August 20, 2007 a new publication on Internal Control from a Risk-Based Perspective.
This information paper features interviews conducted by Robert Bruce, a leading financial journalist, with 10 senior-level professional accountants in business on their experiences and views on establishing effective internal control systems.
The interviews help to demonstrate the importance of a risk-based approach to internal control in helping an organization manage its overall risk. They also shed light on the nature of risk in organizations, how to establish an internal control system focused on driving performance and supporting the delivery of strategic objectives, and success stories that can help organizations in considering improvements to their approach.
This interview-based information paper is part of a larger PAIB Committee project on internal control. In 2006, the committee published an overview paper, Internal Controls - A Review of Current Developments, which reviewed current developments and some of the latest thinking in the area of internal control. These two publications form the groundwork for the development of principles-based good practice guidance on internal control, which the PAIB Committee plans to issue in 2008.
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