Accounting › Section G · Fraud, internal controls, and cash › Topic G.4
Management's responsibility for internal control
Auditors test internal controls, but they do not own them. Management designs, runs and answers for the controls, and in US public companies the chief executive and chief financial officer must put their own names to that responsibility.
In this topic
- Whose job is internal control?
- Who does what
- Tone at the top
- Section 302: executives certify each report
- Section 404: management's annual assessment
- Ranking control problems
- Worked example: classifying three problems
- Worked example: a CFO before signing
- Backing up the signatures
- Beyond public companies
- Common mistakes to avoid
- Key takeaways
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