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Internal Control Mechanisms In The Context Of The Chalenge Financial Crisis

Author

Listed:
  • Sgardea Florinel Marian

    () (ASE BUCURESTI, Facultatea Contabilitate si Informatica de gestiune)

  • Turlea Carmen

    ()

  • Budacia Lucian Constantin Gabriel

    ()

  • Vuta Mihai

    ()

Abstract

Prevention and earlier detection of fraudulent financial reporting must start with the entity that prepares financial reports. Thus the first focus of the Sarbannes-Oxley Actâ€(tm)s recommendations is the public company. These recommendations, taken together, will improve a company's overall financial reporting process and increase the likelihood of preventing fraudulent financial reporting and detecting it earlier when it occurs. For some companies, implementing these recommendations will require little or even no change from current practices; for other companies, it will mean adding or improving a recommended practice. Whether it means adding or improving a practice, the benefits justify the costs. The Sarbanes-Oxley Act is a direct response to the recent scandals in the US corporate world. Governance, compliance, risks and internal controls are mounting concerns for almost all organizations. As the numbers of rules, regulations and contractual obligations steadily rise, management is growing more and more concerned about their exposure on day-to-day operational decisions!

Suggested Citation

  • Sgardea Florinel Marian & Turlea Carmen & Budacia Lucian Constantin Gabriel & Vuta Mihai, 2010. "Internal Control Mechanisms In The Context Of The Chalenge Financial Crisis," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 906-911, December.
  • Handle: RePEc:ora:journl:v:1:y:2010:i:2:p:906-911
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    File URL: http://anale.steconomiceuoradea.ro/volume/2010/n2/144.pdf
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    More about this item

    Keywords

    fraud; internal control; COSO; risks based audit;

    JEL classification:

    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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