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| Control objectives |
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Financial reporting is a process with basic objectives,
which can be vary to some degree between countries.
In the table below [1] there are 21 main control objectives of one
[likely typical] financial reporting process.
These main control objectives are made use in preparing ECAR Internal Control Questionnaire #2.
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| Illustration of the ECAR Model |
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| Control elements |
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On the other hand we need points of view, later: views of control,
wherefrom to examine achievement of main control objectives.
Here control objectives are examined using the four control elements of the ECAR model.
Through them the examination takes into account directing elements
([control] environment, part of controls and accounting systems) and
controlling elements (part of controls and accounting systems),
and determination of risks addressing the aforementioned elemements.
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| Limitations |
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It is not possible to make a short questionnaire that would address
all 21 main control objectives and all four control elements throroughly,
because that would bring 84 views of control.
One must select what views of control to emphasize so that the questionnaire would become short enough.
As a result, before using the questionnaire one should consider,
whether to [still modify the questionnaire in order to find best fit for one's needs.
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[1] Main control objectives of financial reporting process.
Explanations:
Financial reporting assertions = management assertions: see
wikipedia;
GAAPs = Generally Accepted Accounting Principles.
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