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December 1, 2011

IFAC exposes draft of guidance on internal control

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has issued an exposure draft of international guidance on internal control.

The aim of the guidance Evaluating and Improving Internal Control in Organizations is to establish a benchmark for good practice for accountants in business in maintaining effective internal controls in response to risk.

IFAC said that the guidance can be implemented regardless of existing internal control frameworks or standards as it deals with internal control issues that are often unsuccessful because of poor implementation and design.

Stakeholders have been asked to file comments by 29 February 2012.

“Strong internal control is both one of the best defences against business failure, and an important driver of business performance. It mitigates risk and adds sustainable value,” said Roger Tabor, chair of the PAIB committee.

“We looked at the sort of things that can go wrong with the way organisations apply internal controls, and drew out principles that professional accountants in business can apply to support their organizations in avoiding these problems”.

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