ACCA Notes guide: Theregulatoryframework Note guide exam by sdgswgwe

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									ACCA Notes guide: Theregulatoryframework pro forma guidance test

 Note for guidance
 Anareaofsignificantchangeinrecentyears
 Increasingemphasisoncorporategovernanceandimportanceofinternalaudit
 Typesofregulatoryinfluencesinclude:
 Corporategovernancerequirements
 Nationallegislation
 Industryspecificregulations
 Commonregulationsaffectingallactivities (egHealthandSafety)
 Industryspecificregulations
 Internationalregulations
 Statutoryframeworkforinternalauditinginvolvesthreekeyareas:
 Corporategovernance
 Internationalaccountingstandards
 Publicsectorrequirements
 Corporategovernance
 COSOReport- InternalControl-IntegratedFramework,
CommitteeofSponsoringOrganizationsdefinesinternalcontrolasaprocess,
effectedbydirectors, managementandotherpersonnel,
toprovidereasonableassuranceregardingtheachievementofobjectives.
 Theobjectivesinclude:
 Effectivenessandefficiencyofoperations
 Reliabilityoffinancialreporting
 Compliancewithlawsandregulations
 Themainareasofthemodelareasfollows:
 Controlenvironment
 Riskassessment
 Controlactivities
 Informationandcommunication
 Monitoring
 ThelatestUKrequirements (Listingrules)
aresetoutintheUKStockExchangecombinedCode,
withguidanceonmeetingtheserequirementssetoutintheTurnbullreport.Turnbullr
equiresthatlistedcompanies
(iepubliccompanieswhosesharesarelistedontheLondonStockExchange)
'berequiredtoconfirmthatthereisanongoingprocessforidentifying,
evaluatingandmanagingthecompany'skeyrisksandthatitisregularlyreviewedbyth
eboardandaccordswiththeguidance'. [This article from [worry document]
www.5udoc.com collection and sorting, to thank the original author] /
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