CHAPTER 23
Effective Internal Accounting Control for Not-for-Profit Organizations
23.1 Introduction to Internal Accounting Control
*(b) Internal Control—Integrated Framework Definition
(f) New Thresholds for Internal Control Weaknesses
23.2 Elements of an Effective Internal Accounting Control System
*(d) Organization Structure and Management Controls
(g) Recordkeeping and Information Systems
*(j) Periodic Review of the Control System
23.3 Basic Internal Accounting Control System
p. 401, chapter featuring list. Remove “(New)” from 23.1(f), 23.1(g), and 23.3(i).
23.1 Introduction to Internal Accounting Control
(b) Internal Control—Integrated Framework Definition
p. 402, n. 1. First sentence should read “Additionally, COSO issued Enterprise Risk Management—Integrated Framework, which expands on its earlier work.”
*p. 402, n. 1. Insert a sentence after the second sentence that reads:
Finally, in 2013 COSO issued Internal Control—Integrated Framework, which is expected to help organizations design and implement internal control in light of many changes in business and operating environments since the issuance of the original Framework.
p. 403, first paragraph after the second bulleted list, second sentence. Delete “interviewed.”
(f) New Thresholds for Internal Control Weaknesses
p. 404. Remove “(New)” from the section (f) title.
p. 404, first paragraph, second sentence. Replace “will ...
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