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1一、KeyInternalauditAgencytheoryControlenvironmentControlproceduresRiskassessment1一、KeyInternalauditAgencytheoryControlenvironmentControlproceduresRiskassessmentSharingof二、Key1.InternalcontrolInternalcontroltofacilitateitsofthepoliciesandprocessesthattakenandefficientoperation,ensurethequalityfinancialreportingandcompliancewithapplicablelawsandregulations.TheyprovidereasonableassurancethatorganizationswillfulfilltheirstrategicInternalcontrolInternalcontrolframeworksincludethecontrolenvironmentwithinwhichinternalcontrolsoperate.Otherimportantelementsaretheriskassessmentandresponseprocesses,thesharingofinformationandmonitoringtheenvironmentandoperationofthecontrolsystem.ThecontrolThecontrolenvironmentisinfluencedbymanagement’sattitudetowardsinternalcontrol,theorganizationalstructureandthevaluesandabilitiesofBothinternalandexternalauditorsreviewcontrols,andexternalauditorsmayplacerelianceoninternalauditors’work.Reportsontheresultsofinternalauditsshouldhighlighttherisksidentified,theweaknessesfoundincontrol,theconsequencesoftheproblemsfoundandtherecommendationsforimprovements.5.Thecost-benefitapproach（成本收益原则5.Thecost-benefitapproach（成本收益原则valueonthebenefitsofcontrolswillbeoutweighedbytheircosts,shouldcomparethem.Howeveritisdifficulttoputamonetarybenefitsandcostsofcontrols,andalsothepotentiallossescontrolsarenotin三、ReadingCorporateCorporategovernanceisasetofrelationships（一整套关系）betweenacompany’sdirectors,itsshareholdersandotherstakeholders（利益相关者）.Italsoprovidesthestructurethroughwhichtheobjectivesofthecompanyareset,andthemeansofachievingthoseobjectivesandmonitoringperformanceareTheagencyTheagencyproblemderivesfromtheprincipals（委托人）owners)notbeingabletorunthebusinessthemselvesandthereforehavingtorelyonagents（代理人）(directorstodosoforthem.Thisseparationofownershipfrommanagement（所有权和经营权的分离）cancauseissuesifthereisabreach（违背，破坏）oftrustbydirectorsbyintentionalaction,omission,neglectorincompetence.Thisbreachmayarise，becausethedirectorsarepursuingtheirowninterests(追求个人利益)ratherthantheshareholders’orbecausetheyhavedifferentattitudestorisk-taking.KeyissuesincorporategovernanceKeyissuesincorporategovernancereportsincludetheroleoftheboard,thequalityoffinancialreportingandauditing,directors’remuneration（薪酬）,riskmanagementandcorporatesocialresponsibility.DutiesofDutiesofdirectors:Theseincludethefiduciaryduties（诚信责任）toactinthebestinterestsofthecompany,usetheirpowersforaproperpurpose,avoidconflictsofinterest（利益冲突）andexerciseadutyofcare（注意义务CompositionandbalanceoftheCompositionandbalanceoftheboard:Anorganizationshouldnotbedominatedbyasingleindividual,orrunbyasmallgroupcenteredroundtheCEOandCFO.Theboardmustalsobebalancedintermsofskillsandtalentsandalsointermsofage.(independentnon-executivedirectors)（独立非执行董事）TypesofSegregationofduties（不相容职务分离Forexample,thechairman/chiefexecutiverolesshouldbeThesearemeasurestosecurethecustodyofassets,e.g.onlypersonnelareallowedtomovefundsontothemoneyAuthorizationandapproval（授权审批AlltransactionsshouldpersonnelareallowedtomovefundsontothemoneyAuthorizationandapproval（授权审批Alltransactionsshouldrequireauthorizationorapprovalbyanappropriateresponsibleperson,limitsfortheauthorizationsshouldbespecified,ande.g.aremunerationcommitteeisstaffedbynon-executivedirectorstodecidedirectors’pay.Managementshouldprovidecontrolthroughanalysisandreviewofe.g.varianceanalysis,provisionofinternalauditRequiresupervisionoftherecordingandoperationsofday-to-daytransactions.Thisensuresthatallindividualsareawarethattheirworkwillbechecked,reducingtheriskoffalsificationorerrors,e.g.budgets（预算）,managers’review,exceptionorvariancereports.responsibility.Thisensureseveryoneisawareoftheircontrolresponsibilities,especiallyinensuringadherencetomanagementpolicies,e.g.avoidstaffreportingtomorethanonemanager.Proceduresmanualwillbehelpfulhere.Arithmeticalandaccounting（稽核和会计Arithmeticalandaccounting:tocheckthecorrectandaccuraterecordingandprocessingoftransactions,e.g.reconciliations,trialbalances. qualificationsofpersonnel,aswellaspersonalqualities,thequalityofsystemisdependentuponthecompetenceandintegrityofthosewhocarrycontroloperations,e.g.useonlyqualifiedstaffasinternal四、PracticeAUKpubliccompanyhasanofficiallistingforitsshares.Therearethreemajorbusinessdivisionsandeachconsistsofanumberofoperatingunits.Themanagementstructureislargelydecentralized（分权制）andmanyoperatingandspendingdecisionsaretakenatoperatingunitlevel.Describesuitableinternalcontrolsthatshouldbesetup?Sampleanswer:1.Theneedforacontrol（1）Asuitablecontrolenvironmentshouldbeprovidedbyacombinationofcultureandmanagementstyle,togetherwithmanagementcontrolmechanisms.（2）Linesofresponsibilities（责任权限Despitethedecentralizationofauthoritywithinthegroup,managementcontrolmechanismsshouldensurethatthereareclearlinesofresponsibilityandaccountabilityrunningthroughoutthegroup，thatbudgetingsystemsareplace,andthatmanagementinformationsystemsexistfortheprovisionperformancereportsinatimely（3）Operatingunitsperformancereportsinatimely（3）Operatingunitsshouldbegivenclearandachievabletargetsaligned（一致）thegroup’soverallobjectives.Therewillbesomedelegationofauthority(授权)tospend,butwithinclearlystatedlimits.2.Evaluationof（1）Theboardshouldhaveafocusonthecontrolandcontainmentofrisks,basedonacost/benefitapproach.Controlsarelikelytoincludeaboardpolicynottoinvestinanyoperationoutsideaspecificareaofcompetence,so（风险概况）ofacquisitionsarenotmadethataltertheriskcompany’s（2）MonitoringofproblemThereshouldbeaninformationsystemthatreportsperformanceinathatnon-performingorunder-performing（绩效不佳）unitscanbeidentifiedassoonaspossible.Newoperationsandunder-performingunitsshouldbemonitoredcloselybytheboard.OtherTheboardshouldalsoconsiderotherrisksonaregularbasis（定期）,suchastheriskfromnewtechnology.Theriskofnon-compliancewithlegalandregulatoryrequirements（违规风险）mightbecontrolledatheadofficelevel.ControlThegroupshouldhavearangeofcontrolproceduresinplace,theinternalauditorsshouldcheckthatthefinancialcontrolsareoperatingeffectively.Controlsincludespecificlimitsontheauthorizationofspending（支出权限）atdifferentlevelsofmanagement,asuitablesegregationofdutiesintheaccountsdepartment,theuseofaccountingcontrols(suchasbankreconciliation