fincon ppt 1

is a management function that supervises the accounting and financial reporting of an organization. It is responsible in the implementation and monitoring of internal controls.

An individual who has responsibility for all accounting related activities, including high level accounting, managerial accounting, and finance activities within a company.

Concepts of Controllership

ESSENTIAL ELEMENTS OF CONTROLLERSHIP

True or false For all businesses there are risks that exist and that needed to be identified and addressed in order to prevent or minimize losses.

Is a threat that an event, action or non action will adversely affect an organization's ability to achieve its business objectives and execute its strategies successfully.

True or false, Risk is not measured in terms of consequences and likelihood.

Is a process, effected by an entity board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives.

Old or New paradigm. Only auditors and treasury are concerned about the risks and controls.

Old or New paradigm. Fragmentation- every function and department does its own thing (silo management)