Anders Malmeby Swedish Working Group on Internal Control Partner and Head of Audit at KPMG Sweden Anders Malmeby Swedish Working Group on Internal Control.

Slides:

Advertisements

Similar presentations

Internal Control Integrated Framework

Advertisements

Auditing, Assurance and Governance in Local Government

Federal Audit Executive Council (FAEC) June 2012 Bi-Monthly Meeting Heather I. Keister Doris G. Yanger June 14, 2012 Green Book Update.

Chapter 10 Accounting Information Systems and Internal Controls

Chapter 7 Control and AIS Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 7-1.

Prepared by Wa'el Bibi,CPA,CIA,CISA1 Internal Control Integrated Framework An Overview.. Bibi Consulting COSO’s Source: COSO’s Internal Control Integrated.

Development of internal control: methodology and responsibility

Sodexo.com Group Internal Audit. page 2 helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and.

Audit Committee in Albania Legal framework Law 9226 /2006 “On banks in Republic of Albania” Law 9901/2008 “On entrepreneurs and commercial companies” Corporate.

CHAPTER 16 Auditing and corporate governance. Contents  Corporate governance  Independent directors  Chairman of the board and chief executive officer.

Chapter 7 Control and AIS Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 7-1.

INTERNAL CONTROL. INTERNAL CONTROL DEFINED  INTERNAL CONTROL IS A PROCESS - EFFECTED BY AN ENTITY'S BOARD OF DIRECTORS, MANAGEMENT, AND OTHER PERSONNEL.

Standar Pekerjaan Lapangan: Pemahaman Memadai atas Pengendalian Intern Pertemuan 5.

6-1 McGraw-Hill/Irwin ©2002 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 6 Internal Control Evaluation: Assessing Control Risk.

Internal Control. COSO’s Framework Committee of Sponsoring Organizations 1992 issued a white paper on internal control Since this time, this framework.

18- 1 © 2006 The McGraw-Hill Companies, Inc., All Rights Reserved. Chapter 18 Integrated Audits of Internal Control (For Public Companies Under Sarbanes-Oxley.

Internal Control. COSO’s Framework Committee of Sponsoring Organizations 1992 issued a white paper on internal control Since this time, this framework.

Workshop Internal Audit Manual Update 9 September, 2011 PAKISTAN - US ENERGY PROGRAM.

Chapter 4 IDENTIFYING RISKS AND CONTROLS IN BUSINESS PROCESSES.

Sarbanes-Oxley Project Summary of COSO Framework Presented by Larry Dillehay & Scott Reitan Parkfield Group LLC.

Learning Objectives LO1 Distinguish between management and auditor’s responsibilities regarding an auditee organization’s internal controls. LO2 Explain.

Internal auditing for credit unions Nuala Comerford, Chair IIA Irish Region Committee Pamela McDonald Council Member IIA Credit Union Summer School Thursday,

Chapter 3 Internal Controls.

Internal Audit Role in Order to Develop an Ethical Corporate Culture as a Competitiveness Factor A.I.I.A. - Internal Auditing body Università degli Studi.

INTERNAL CONTROL OVER FINANCIAL REPORTING

Implementation Issues of Sarbanes-Oxley CASE Presentation September 23, 2004 By Denise Farnan.

Chapter Three IT Risks and Controls.

Internal controls. Session objectives Define Internal Controls To understand components of Internal Controls, control environment and types of controls.

Chapter 5 Internal Control over Financial Reporting

Slide 1 The 9 th European Financial Markets Convention “Towards true integration by 2009” Brussels May 2005 Corporate Governance Session by the ECGI.

Monitoring Internal Control Systems Johann Rieser Senior Auditor, Ministry of Finance, Vienna.

Introduction In 1992, the Committee Of Sponsoring Organizations of the Treadway Commission (COSO) published Internal Control-Integrated Framework (1992.

Internal Control in a Financial Statement Audit

INTERNAL CONTROLS and UNC-CHAPEL HILL Stan Koziol, CPA.

Chapter 7 Auditing Internal Control over Financial Reporting McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved.

Good practices from and for the EU accountability process Irena Petruškevičienė Vilnius, 17 October 2006.

Learning Objectives LO5 Illustrate how business risk analysis is used to assess the risk of material misstatement at the financial statement level and.

Monitoring Activities by Internal Audit Coordination Board Ömer DUMAN Head of Internal Audit Coordination Board.

© OECD A joint initiative of the OECD and the European Union, principally financed by the EU Co-operation Between the Ministry of Finance and the Court.

5-1 McGraw-Hill/Irwin ©2007 by the McGraw-Hill Companies, Inc. All rights reserved. Chapter 5 Internal Control Evaluation: Assessing Control Risk.

Richard F. Chambers, CIA, CGAP Vice President, IIA Learning Center The Institute of Internal Auditors.

The Connection between Risk Management and Internal Control in Organizations Mag. Norbert Wagner Budapest,

Practice Management Quality Control

1 Internal Audit. 2 Definition Is an independent activity established by management to examine and evaluate the organization’s risk management processes.

Forum on Risk Management and Internal Control in the EU PATRICE MARTEAU Secretary General October 25th, 2005.

Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 7-1 Chapter Seven Auditing Internal Control over Financial Reporting.

Indiana Regional Sewer District Association October 26, 2015.

McGraw-Hill/Irwin © The McGraw-Hill Companies 2010 Auditing Internal Control over Financial Reporting Chapter Seven.

Slide 1 Federation des Experts Comptables Méditerranéens 4 th FCM Conference Capri, 3-4 May 2004 The Globalisation of Small and Medium-sized Enterprises.

Financial Management & Internal Control for Utility Companies Julia Barber, CPA and Sherman, Barber & Mullikin, CPAs Madison, IN

Internal Control Chapter 7. McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc., All Rights Reserved. 7-2 Summary of Internal Control Definition.

Internal/External Audit Corporate Governance part 5.

Slide 1 Risk Management and Internal Control in the EU Responses to Discussion Paper Robert Hodgkinson 25 October 2005.

[Hayes, Dassen, Schilder and Wallage, Principles of Auditing An Introduction to ISAs, edition 2.1] © Pearson Education Limited 2007 Slide 5.1 Client Acceptance.

Chapter 5 Evaluating the Integrity and Effectiveness of the Client’s Control Systems.

Company LOGO Chapter4 Internal control systems. Internal control  It is any action taken by management to enhance the likelihood that established objectives.

AUDIT Explain the audit context and the BTC internal control system TRAINING LAF 2009.

Internal Control. McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved. 7-2 Summary of Internal Control Definition A process...designed.

Chapter 6 Internal Control in a Financial Statement Audit McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Auditors’ Dilemma – reporting requirements on Internal Financial Controls under the Companies Act 2013 and Clause 49 of the Listing agreement V. Venkataramanan.

Alia Al-Nujaidi

PEM PAL IA COP Internal Control Working Group COSO Principles

Internal control objectives

Internal Control Integrated Framework

A Framework for Control

COSO Internal Control s Framework

Internal control - the IA perspective

Unit 11 October 22, 2017.

The control environment

Costanza Schivi - 9 April 2019

Presentation transcript:

Anders Malmeby Swedish Working Group on Internal Control Partner and Head of Audit at KPMG Sweden Anders Malmeby Swedish Working Group on Internal Control Partner and Head of Audit at KPMG Sweden Developments in Sweden Reporting on internal control FEE – Forum on Risk Management and Internal Control in the EU Brussels, October 25, 2005

2 Extract from the Swedish Code The board is to ensure that the company has a sound system of internal controls and keep itself informed of and assess how well it functions The board is to submit an annual report on how that part of internal control dealing with financial reporting is organized and how well it has functioned during the most recent financial year. The report is to be reviewed by the company’s auditors The board in companies that do not have a special internal audit function is annually to evaluate the need of such a function and explain the position that it has taken in its report on internal control.

3 Ref also to Risk Management and Internal Control in the EU, Discussion Paper, March 2005, FEE

4 The Board of Directors´ Report on Internal Control over the Financial Reporting General principles Introduction with reference to the code Description Control environment Risk assessment Control activities Information and communikation MonitoringStatement

5 Basis for the Work The responsibility of the Board as stated in the Swedish Companies Act is the basis (no extended interpretation of in the code) The reporting on internal control relates to financial reporting Substance, without being a Swedish SOX 404 Must be able to function in an international environment Make use of international experience Make use of an international established framwork for internal control (”COSO”) Principle based (as opposed to cookbook approach) Top-down instead of Bottom-up Transparency ”Process” based perspective at entity level

6 An International Established Framework for Internal Control (”COSO”)

7 Definition of Internal Control (”COSO”) Internal control is a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: Effectiveness and efficiency of operations Reliability of financial reporting Compliance with applicable laws and regulations

8 Internal Control, cont´d Effectiveness and efficiency of operations Compliance with applicable laws and regulations Reliability of financial reporting Defined from PCAOB AS 2, March 9, 2004

9 Assurance implications First working assumption for the auditors´ work and reporting *) rejected based on public comments Work in progress. New assumption with reporting level ”review” Time table. No reporting for 2005 with certain confirmation of facts, but no opinion from the auditor *) with certain confirmation of facts, but no opinion from the auditor

10 Contact Information Anders Malmeby KPMG P.O. Box S Stockholm Sweden Tel: , (mobile)