Responsible for establishing and maintainig a system of internal controls
Board of Directors (BOD)
Officers of a company and outside memebers
Subgroup of the BOD, acts as a direct contact between the companys stockholders and the independent accountants (external auditors)
Internal Control System
Policies and procedures taht are in place to ensure the safeguarding of the company's assets, reliability of its accounting records and the accomplishment of its overall objectives
Third party review and appraisal of the company's internal control systems, procedures and policies.
Congress to bring reform to corporate accountability and stewardship. Managments responsibility to establish & maintain an adequate internal control system and to access the effectiveness of their internal control system