Accounting Beyond Figures - ABFi

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Accounting Beyond Figures - ABFi

Join me, let us discuss salient areas in accounting, in today's business language.

What is the accounting treatment for PROVISION FOR SALARIES?
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ACCOUNTING BEYOND FIGURES

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Accounting Beyond Figures

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According to Wikipedia, A control environment, also called "Internal control environment", is a term of financial audit, internal audit and Enterprise Risk Management.
It means the overall attitude, awareness and actions of directors and management (i.e."those charged with governance") regarding the internal control system and its importance to the entity. They express it in management style, corporate culture, values, philosophy and operating style, the organisational structure, and human resources policies and procedures.

In a lay man's language, a CONTROL ENVIRONMENT is beyond documentation of policies and procedures; it is rather represented in the body language of those in actual topmost management of the organisation concerned. This body language is expressed in their management style, actions and inactions and reactions to a given situation or approach to issues of concern, etc.
It is a key determinant of internal control performance of the organisation.