Naslov
Modern trends in developing internal control systems

Autori
Sever, Sanja ; Oluić, Ana ; Smrekar, Nikolina

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
12th International Scientific Conference "AIESA – Building of Society based on knowledge" : proceedings / - Bratislava : Faculty of Economic Informatics, University of Economics, 2008

ISBN
978-80-8078-233-7

Skup
International Scientific Conference "AIESA – Building of Society based on knowledge" (12 ; 2008)

Mjesto i datum
Bratislava, Slovačka, 19.11.2008. - 21.11.2008

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
internal controls; Sarbanes-Oxley Act; modern trends

Sažetak
Internal control system is an integral and an indispensable part of the total supervision on business activities. Management design internal control system, in order to ensure true and reliable financial information and safeguard of the company's assets. When organizing the internal control systems it is important to take into the account that the relationship between the cost and benefits of implementing the internal control. The cost of an entity's internal control should not exceed the benefits that are expected to ensue. Only in this way we can justify the existence of internal controls. The bankruptcy of big international companies on the world business scene was an incentive for regulators to drive improvements in companies' internal controls. When the U.S. Congress passed Sarbanes-Oxley Act the benefits were seen as a grater assurance to shareholders and other stakeholders in published financial reports. However, this new regulative imposed to the companies some compliance costs but they were percept as minor over the benefits that this new regulative will bring to the companies. The aim of this paper is to present the revised principles of internal control and scope of the management's assessment of the system of internal control over financial reporting according to the new requirements of Sarbanes-Oxley Act.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA