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Problems are compounded when the term, if not clearly defined, is written into law, regulation or rule. (COSO, 2006) Internal control over financial reporting has always been a major area in the governance of an organization, and this importance has been magnified in recent years. This tool is intended to give audit committees basic information about internal control to understand what it is, what it is not, how it can be used most effectively in the organization, and the requirements of management with respect to the system of internal control over financial reporting. (AICPA, 2006)
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- Business Process Management
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