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Efficacy Of Internal Control And Controlling Business Risks

Author

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  • IONESCU, Luminiţa

    (Spiru Haret University)

Abstract

Companies can gain additional efficiency in designing and implementing or assessing internal control by focusing on only those financial reporting objectives directly applicable to the company’s activities and circumstances, taking a risk based approach to internal control. It is important for any organization to have reliable financial data for internal decision-making purpose. Financial information is often useful in many internal decisions such as product or service pricing. This is why the most important function of the controller is to create and maintain the corporate financial control system. Today’s corporation operates in an increasingly complex environment and the controller’s role is to advice the management of current or future problems of the business environment or to prevent the fraud.

Suggested Citation

  • IONESCU, Luminiţa, 2010. "Efficacy Of Internal Control And Controlling Business Risks," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 1(2), pages 29-37.
  • Handle: RePEc:ris:sphecs:0044
    as

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    File URL: http://www.manecognitiva.ro/jurnals/spiru-haret-economics/2010/vol1/issue2/ionescu-luminita.pdf
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    References listed on IDEAS

    as
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    4. Arnaldo MAURI & Claudia Gabriela BAICU, 2010. "Crisi finanziaria in corso e insegnamenti che si possono trarre," Departmental Working Papers 2010-08, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    5. Nikolay Nenovsky & S. Statev, 2006. "Introduction," Post-Print halshs-00260898, HAL.
    6. M. Ruth & K. Donaghy & P. Kirshen, 2006. "Introduction," Chapters,in: Regional Climate Change and Variability, chapter 1 Edward Elgar Publishing.
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    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    internal control; business risks; control framework; efficacy of internal control;

    JEL classification:

    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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