Keywords

management review controls, ICFR research, audit perspectives

Abstract

The Center for Audit Quality and the Financial Education & Research Foundation(FERF) of Financial Executives International (FEI) commissioned John Fogarty, Mark Beasley and Doug Prawitt to conduct an independent qualitative research study on Internal Control over Financial Reporting (ICFR) management review controls (MRCs), Perspectives on Management Review Controls: Challenges and Solutions (the Research Report). The research focused on subjective, judgmentbased MRCs. Through a series of detailed, semistructured interviews with preparers – in particular the control owners and control performers – the researchers gathered perspectives on how management determines what constitutes effective design, precision, implementation, execution and documentation of MRCs. The research team also separately interviewed the participating companies’ auditors to get their perspectives on the MRCs that were discussed with the preparers.

Original Publication Citation

“Issues Related to the Assessment of the Effectiveness of Management Review Controls,” virtual Roundtable event sponsored by the Center for Audit Quality and the Financial Executives Institute’s Financial Education & Research Foundation, Dec. 14, 2020.

Document Type

Peer-Reviewed Article

Publication Date

2021

Publisher

Center for Audit Quality and the Financial Executives Institute’s Financial Education & Research Foundation

Language

English

College

Marriott School of Business

Department

Accountancy

University Standing at Time of Publication

Full Professor

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Accounting Commons

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