Explain the safeguards which may be created by business enterprise to overcome various threats faced by accounting & finance professionals

Safeguards that may eliminate or reduce the various threats to an acceptable level fall into 2 categories:

(A)              Safeguards created by profession, legislation or regulation.

ü  Corporate governance regulations.

ü  Professional or regulatory monitoring & disciplinary procedures.

ü  Educational training & experience requirements for entry into the profession.

ü  Professional standards.

ü  Continuing professional development requirements.

(B)               Safeguards in work environment.

ü   Strong internal controls.

ü  Appropriate disciplinary process.

ü  The employing organizations ethics & conduct programs.

ü  Policies & procedures to implement & monitor the quality of employer performance.