Internal Controls Over Financial Reporting

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Financial reporting is an important factor for a public company, and one aspect is that the revenue needs to be verified. Find out how internal controls in financial reporting ensure that figures are readable with help from a registered financial consultant in this free video on money management and financial advice.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser talking about internal controls over financial reporting. Financial reporting is an important factor for a company and especially a public company. It's important that the data that is received on revenue is verified, and made sure that it's pure, and contains all the appropriate information and is not skewed in any particular way to make sure that the shareholder receives a good, clear picture of where the company is going, same thing for obligations, that is to say short term, intermediate term, and long term debt obligations for the company. There are internal controls in the financial reporting process that make sure that these figures are also very, very clear to anybody that reads them. The way they read them, of course, is in the annual report, and the annual report is put together for the company, by the company, and the officers, the financial reporting officers of that company. Many times, they're subject to governmental scrutiny as well. So these are the various internal controls over financial reporting. This is financial adviser Patrick Munro.


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