Internal Controls: SEC Should Consider Requiring Companies to Disclose Wether They Obtained an Auditor Attestation - Paperback

by Government Accountability Office (Author)

Internal control generally serves as a first line of defense for public companies in safeguarding assets and preventing and detecting errors and fraud. Internal control is defined as a process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of the following objectives: (1) effectiveness and efficiency of operations; (2) reliability of financial reporting; and (3) compliance with laws and regulations. Internal control over financial reporting is further defined in the SEC regulations implementing Section 404 of the Sarbanes-Oxley Act.