by pay@crispino.us | Jul 24, 2026 | Internal Controls & Compliance, Terminologies
An evaluation performed by employees of the organization to assess internal controls, compliance, and operational efficiency. Focuses on risk management and improvement. Complements external audits.
by pay@crispino.us | Jul 17, 2026 | Internal Controls & Compliance, Terminologies
Adherence to laws, regulations, and accounting standards. In accounting, compliance ensures financial statements meet frameworks like GAAP or IFRS. Failure can result in penalties or reputational damage.
by pay@crispino.us | Jun 13, 2026 | Internal Controls & Compliance, Terminologies
A U.S. law passed in 2002 to enhance corporate governance and financial transparency. Requires stricter internal controls and auditor independence. Applies mainly to publicly traded companies.
by pay@crispino.us | May 8, 2026 | Internal Controls & Compliance, Terminologies
Processes designed to safeguard assets, ensure reliable reporting, and promote compliance with laws. Includes separation of duties, approvals, and reconciliations. A strong system reduces fraud risk.
by pay@crispino.us | Feb 13, 2026 | Internal Controls & Compliance, Terminologies
An internal control principle where responsibilities are divided so no single individual controls all aspects of a financial transaction. Reduces fraud risk. Commonly applied in cash handling and approval processes.
by pay@crispino.us | Dec 16, 2025 | Internal Controls & Compliance, Terminologies
A model explaining factors that lead to fraud: pressure, opportunity, and rationalization. Widely used in auditing and forensic accounting. Helps organizations design better controls.
