CONTROL ENVIRONMENT Definition

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CONTROL ENVIRONMENT is the attitude, awareness, and actions of the board, management, owners, and others about the importance of control. This includes integrity and ethical rules, commitment to competence, board or audit committee participation, organizational structure, assignment of authority and responsibility, and human resource policies and practices.

Learn new Accounting Terms

EXIT STRATEGY codifies and gives a business owner or investor a way to reduce or liquidate his/her stake in a business and, if the business is successful, make a substantial profit.

CREATIVE ACCOUNTING is slang for the concept of maintaining accounts giving possibly illegal or dubious benefits to the entity for which the accounts are maintained.

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