Information and Communication are the identification, capture, and exchange of information in a form and time frame that enable people to carry out their responsibilities.
This skills unit consists of 4 learning elements: Financial Reporting Information; Internal Control Information; Internal Communication and External Communication.
Matters affecting the achievement of financial reporting objectives are communicated with outside parties.
In this element the student must show competencies regarding the following attributes:
- Input provided: Open communication channels allow input from customers, consumers, suppliers, external auditors, regulators, financial analysts and others, providing management and the oversight board with important information on the effectiveness of internal control over financial reporting;
- Independent Assessment: Where external auditors assess internal control over financial reporting, information relevant to the assessment is communicated to management and the oversight board.