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Financial Internal Controls Best Practices



Financial Internal Controls Best Practices

Anthony Tarantino

ISBN: 978-0-470-90966-9 December 2010 26 Pages

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This chapter from Governance, Risk, and Compliance Handbook, edited by Anthony Tarantino, provides an overview of best practices for financial internal controls. It covers COSO II guidance, automation of controls, and other primary considerations. It also discusses how to achieve ROI on compliance investments.


About the Contributors.

Chapter 1. Introduction (By Dr. Anthony Tarantino).

Part One. Corporate Governance.

Chapter 2. A Risk-Based Approach to Assess Internal Control over Financial Reporting ("ICFR") (By Tim J. Leech and Jeffrey C. Thomson).

Chapter 3. Coso ― Is "It" Fit For Purpose (By Tim J. Leech)?

Chapter 4. Time to Rethink the Corporate Tax (By Ann Cullen).

Chapter 5. The Role of Internal Audit (By Frank Edelblut and Dr. Hernan Murdock).

Chapter 6. Outsourced Processes: Risk and Resolution (By Mark Stebelton).

Chapter 7. The Last Mile of Finance (By Eric Keller).

Chapter 8. US Stock Option Backdating Scandals (By Dr. Anthony Tarantino).

Chapter 9. Fraud and Corruption (By Dr. Hrishikesh Vinod).

Chapter 10. Why Fighting Corruption Remains A Loosing Battle (By Anwar Shah)?

Part Two. It Governance.

Chapter 11. IT Governance Overview (By Alan Calder).

Chapter 12. ISO 27001 and ISO 17799 (By Alan Calder).

Chapter 13. CobiT (By Richard Marti).

Part Three. Operational Risk.

Chapter 14. Operational Risk Management (ORM) Best Practices (By Dr. Anthony Tarantino).

Chapter 15. The Use of Six Sigma in Operational Risk and Regulatory Compliance; Reduction in Variability (By Dr. Brett Trusko).

Chapter 16. Operational Risk Management Using Quantitative Methods (By Koti Ancha and Dr. Deborah Cernausksas).

Chapter 17. Operational Risk Management in Financial Services (By Dr. Anthony Tarantino).

Part Four. Technology And Tools.

Chapter 18. What to Look for in Enterprise Content Management for Compliance (By Julia Koo).

Chapter 19. Enterprise Search and Automated Testing (By Scott McElhaney and Saker Ghani).

Chapter 20. What to Look For in Audit Operations Applications (By Julia Koo)

Chapter 21. Automation of Segregation of Duties (By Lindsey Kudo).

Chapter 22. Internal Controls Best Practices (By Ian Rodgers).

Chapter 23. IT Controls Automation and Database Management: Defending Against the Insider Threat (By Harald Collet).

Chapter 24. PLM Technologies: Role and Value in Supporting Product Compliance (By Richard Kubin).

Chapter 25. How XBRL Will Dramatically Improve: Reporting and Control Processes (By Liv Watson, Robert Eccles, and Mike Willis).

Part Five. Environmental Governance.

Chapter 26. The Impact of Environmental Legislation on High Tech Supply Chains (By Thomas Garson and Krishna Gorrepati).

Chapter 27. Environmental Compliance and Enforcement in China (By Dr. Wanxin Li and Krzysztof Michalak).

Chapter 28. The Trajectory of Environmental Regulation: A Strategic Approach for Industry (By Michael Kirschner).

Chapter 29. Environmental Compliance in India (By Prof. Aparna Sawhney).

Chapter 30. Latin American Environmental Compliance: Environmental Biotechnology (By Oneglia Cavalcanti, Dr. Helen de Aguiar Lima, Luiz Lima, and Luiz Gluck Lima).

Chapter 31. Policy Developments in the United States Related to Chemicals and Electronic Waste (By Mike Wilson and Michael Kirschner).

Part Six. Industry Governance.

Chapter 32. Global Homologation: Removing Regulatory Barriers to Trade (By Daniel P. Lawless and Shirley Cui Tarantino).

Chapter 33. Protecting the Innocent: The Information Security and Privacy Battle (By Lane Leskela).

Chapter 34. Compliance in Freight Transportation and Logistics (By David Jacoby).

Chapter 35. Pharmaceutical (By James G. Robertson).

Chapter 36. Public Sector Transparency – How is it regulated in Europe (By Massimiliano Claps)?

Chapter 37. Retail (By Ivano Ortis).

Chapter 38. Supply Chain Compliance (By Michael F. Cox).

Chapter 39. Telecommunications (By Angela Fitts).

Chapter 40. Compliance in Freight Transportation and Logistics (By David Jacoby).

Part Seven. Financial Services Governance.

Chapter 41. Financial Services Regulation and Corporate Governance (By Dennis Cox).

Chapter 42. Insurance Industry and Solvency II (By Dr. Anthony Tarantino).

Chapter 43. Islamic Finance (By Sabah Mahmoud).

Part Eight. Regional And National Guidance.

Chapter 44. Corporate Governance and Risk Management in Africa (Dr. Jackie Young).

Chapter 45. European Union – Regional Guidance (By Michael Mainelli).

Chapter 46. Corporate Governance in Major Islamic Nations (By Dr. Anthony Tarantino).

Chapter 47. Global Compliance Programs in Latin America: Major Challenges and Lessons Learned (By Pedro Fabiano).

Chapter 48. Southeast Asia Corporate Governance (By Dr. Lawrence Wasserman).

Chapter 49. Australian Corporate Governance: The ASX Principles (By Dr. Anthony Tarantino).

Chapter 50. Corporate Governance: Indonesia (By Dr. Lawrence Wasserman).

Chapter 51. Compliance: Brazil (By Prof. L. Nelson Carvalho, Prof. Elionor Weffort, and Prof. Bruno Salotti).

Chapter 52. Canadian SOX (Bill 198) (By Madeleine Ferris Shaw and Sanjay Anand).

Chapter 53. Corporate Governance: China (By Dr. Anthony Tarantino).

Chapter 54. Corporate Governance: France (By Dr. Anthony Tarantino).

Chapter 55. Global Compliance: Germany (By Georg Stadtmann and Markus F. Wissmann).

Chapter 56. The Current and Future States of Corporate Governance Culture and Regulation in India (By Sanjay Anand).

Chapter 57. Corporate Governance: Compliance versus Value Addition (By Sanjay Anand, Prof. C.V. Baxi, and Prof. C.L. Bansal).

Chapter 58. Corporate Governance: An Overview On The Italian Case (By Marco Venturini and Francesca Bevilacqua).

Chapter 59. The Guide to Global Compliance: The national chapter - Japan (By Yamamoto Kouji).

Chapter 60. Compliance in Mexico: Trends, Best Practices and Challenges (By Pedro Fabiano).

Chapter 61. Corporate Governance in Russia (By Dr. Anthony Tarantino).

Chapter 62. Corporate Governance: South Korea (By Dr. Jill Solomon).

Chapter 63. Corporate Governance: Spain (By Dr. Anthony Tarantino).

Chapter 64. Corporate Governance: UK (By Dennis Cox).

Chapter 65. United Kingdom's Combined Code (By Dr. Anthony Tarantino).

Chapter 66. Corporate Governance: United States (By Dr. Anthony Tarantino).

Chapter 67. Sarbanes-Oxley Act (By Sanjay Anand).


(17) Measuring the Effectiveness and Performance of Your Governance, Operational Risk, and Compliance Programs (By Scott L. Mitchell and Carole S. Switzer).

(36) Accounting, Budgeting and Reporting - How is the Regulatory Framework Changing in Public Sector (By Massimiliano Claps)?

(46) Introduction to region China's Banking Sector (By Dr. Anthony Tarantino).

(47) The Key To Malaysian Financial Institutions Compliance and Economic Crime Requirements (By Tommy Seah).

(48) Corporate Governance and Risk Management in the South African Banking Industry

(By Dr. Jackie Young).

(49) Men Behaving Badly in Banking: Revealing the Irrelevance of Best Practices in Corporate Governance (By Dr. Shann Turnbull).


"Its analysis of a variety of practices in corporate governance and its fruitful guidance of governance and compliance in diverse industries make this a must-own reference. It is not easy to find a handbook of corporate governance that provides such scope in a single volume. This handbook should be one of the most frequently referenced books in your bookshelf, if you work in the field of corporate governance." (Journal of International Accounting, 2008)