Control and accounting information systems suggested answers to discussion questions

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rais12 SM CH07
Reporting objectives help ensure the accuracy, completeness, and reliability of company reports; improve decision-making; and monitor company activities and performance.

  1. Compliance objectives help the company comply with all applicable laws and regulations.

Most compliance and many reporting objectives are imposed by external entities due to laws or regulations. ERM provides reasonable assurance that reporting and compliance objectives are achieved because companies have control over them. However, the only reasonable assurance ERM can provide about strategic and operations objectives is that management and directors are informed on a timely basis of the progress the company is making in achieving them.

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