About This Chapter
Governance, Risk & Compliance in Accounting - Chapter Summary
If you are interested in learning more about governance, risk and compliance, or want to refresh your existing knowledge, this chapter can help! Entertaining video and text lessons examine various types of control in accounting and management and help you better understand auditing concepts. Review these lessons anytime and from any location. When finished, you will be prepared to:
- Define internal and external locus of control
- Share advantages and disadvantages of span of control in management
- List types of internal controls in accounting, and discuss the impact of technology on the internal control system
- Describe the CoCo internal control framework and limitations of internal control in financial reporting
- Identify key players and issues faced in corporate governance
- Discuss the meaning and importance of financial statement audits
- Provide the definitions of internal auditing and the internal auditor
- Explain the role of auditors in the accounting process
Make studying governance, risk and compliance easier than ever by tailoring the resources in this chapter to your personal schedule and studying needs. Choose the lessons you want to review in any order, and visit them as many times as needed. Use the self-assessment quiz with each lesson to test your knowledge. Get additional details about topics you don't understand in the lessons by submitting questions to our experts.
1. Locus of Control: Definition and Examples of Internal and External
Is your locus of control internal or external? Your perception of where control lies can have an impact on your viewpoint and the way you interact with your environment. This lesson explores the differences between internal and external lotus of control and how each impacts organizational behavior.
2. Span of Control in Management: Definition, Disadvantages & Advantages
Span of control in management has implications for work flow, communications, and opportunities for promotion in a company. Read on to learn what it is and how it impacts a company's results.
3. Internal Controls in Accounting: Definition, Types & Examples
Rules and regulations are a part of everything we do. In this lesson, you will learn about internal controls in accounting. You will learn what they are, why they are important and see examples.
4. Technology's Impact on the Internal Control System
Almost every day, you hear about new advances in technology. Do you ever wonder how this new technology affects the business world? In this lesson, we are going to discuss how technology impacts internal control.
5. Internal Controls in Managerial Accounting
In this lesson, we'll learn about internal controls in managerial accounting. Internal accounting controls govern a company's financial system, and are important when it comes to safeguarding a company's financial information.
6. CoCo Internal Control Framework: Definition & Key Concepts
Management must ensure controls are in place to minimize risk and ensure financial reporting is reliable. Let's examine a control framework, CoCo, which can help with identifying controls.
7. Limitations of Internal Control in Financial Reporting
Internal controls are a vital part of the operation of a business. In this lesson, we will discuss what internal controls are and some of the limitations of internal controls.
8. What is Corporate Governance? - Definition & Key Players
This lesson defines and discusses the concept of corporate governance, the key players involved in corporate governance, the roles of these key players, and the primary types of issues faced with regard to corporate governance.
9. External Audits of Financial Statements
Financial statements are one of the most heavily relied upon group of reports in the business world, and they must be accurate and reliable. In this lesson, you'll learn about financial statement audits, who performs them, and why they are important.
10. Internal Auditing: Definition & Standards
If you work in 'corporate America,' you may have heard the infamous phrase, 'We're here from internal audit and we're here to help.' Even if you haven't, in this lesson we'll discuss what an internal audit is and the standards auditors must follow.
11. What is an Internal Auditor?
Companies want to reduce as much risk as possible. This lesson will discuss the role of an internal auditor and identify various areas they may work in a company.
12. The Role of Auditors in the Accounting Process
Auditors play a pivotal role in the accounting industry. In this lesson, you will learn what an auditor is, what they do, and the steps in the auditing process.
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Other chapters within the Certified Management Accountant (CMA): Study Guide & Test Prep course
- Financial Statements Overview
- Financial Valuation, Recognition & Measurement
- Financial Strategic Planning
- Budgeting Concepts for Accountants
- Forecasting Techniques in Business
- Budgeting Methodologies in Accounting
- Annual Profit Planning
- Financial Projections
- Cost & Variance Measures in Performance Management
- Responsibility Centers & Reporting Segments
- Performance Measurement in Accounting
- Cost Measurement & Systems
- Overhead Costs
- Understanding Supply Chain Management
- Business Process Improvement
- Accounting Systems Controls & Security Measures
- Accounting & Enterprise Information Systems
- Data Governance
- Technology-Enabled Finance Transformation
- Data Analytics
- Basic Financial Statement Analysis
- Profitability Analysis
- Financial Statement Special Issues
- Basics of Corporate Finance
- Capital Management Overview
- Corporate Restructuring
- International Finance Practices
- Business Decision Analysis
- Risk Management for Business
- Investment Decisions
- Accountant Professional Ethics
- Certified Management Accountant (CMA) Flashcards