|EFFECTIVENESS OF INTERNAL CONTROL AND FINANCIAL REPORTING|
|Written by LUMINITA IONESCU|
ABSTRACT. According to INTOSAI, internal control in public sector organizations should be understood within the context of the specific characteristics of these organizations. INTOSAI claims that no matter how well designed and operated, internal control cannot provide management absolute assurance regarding the achievement of the general objectives. Sullivan & Cromwell LLP maintain that the SEC's interpretive guidance, which addresses the management assessment aspects of the internal control process, emphasizes a top-down, risk-based approach to evaluating the design and operating effectiveness of internal control over financial reporting.
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