The International Federation of Accountants has released a paper describing the experiences of 10 senior-level accountants with establishing effective internal control systems inside businesses.

The publication, “Internal Control from a Risk-Based Perspective,” contains interviews with accountants about how they take a risk-based approach to setting up internal controls in their organizations. The paper describes the nature of risk in organizations and how to set up an internal control system that focuses on attaining strategic objectives.

The paper is part of a larger project by IFAC’s Professional Accountants in Business Committee to share information about internal control systems. Last year, the committee published an overview paper, “Internal Controls – A Review of Current Developments.” The committee plans to issue guidance next year on internal control.

To download the new report for free, visit the IFAC online bookstore at http://www.ifac.org/store.

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