Using Multilingual ONTology for Internal FInancial Control Print E-mail

The key objective is setting up a modular structure for assessment of internal controls over financial reporting, which is commonly applicable in each sector under related regulatory directives (like financial regulation of using EU, national and other public funds; Basel II for bank sector; SOX or EU Company Law for listed companies, etc.). This modular structure applies the ISO/IEC 15504 standard  (SPICE) based evaluation method called Governance Capability Assessment. The features of internal financial control processes integrated with the Governance Capability Assessment method can be acquired by taking related training courses containing online and traditional learning elements. A modular certificate - issued by the European Certification and Qualification Association - can be achieved by passing online exam based on the skill card of "Internal Financial Control Assessor".

The concepts of the COSO Internal Control framework integrated with Enterprise Risk Management and the ISO/IEC 15504 (SPICE) process assessment methodology were used for the development of the “European Internal Financial Control Assessor” programme including adaptation of the Principles, Attributes and Approaches of the COSO 2006 Guidance as agreed with the COSO Board for Spanish, German, Romanian and Hungarian translations.

From 2008, an innovation transfer project called Multilingual ONTology for Internal FInancial Control (LLP-LDV-TOI-2008-HU-002) co-funded by the European Commission is enhancing the training programme by implementing a terminology and ontology interoperability framework for achieving the following specific objectives:

The Europe-wide training providers may offer the certification and training programme accredited by the European Certification and Qualification Association. Working groups of SAI, IIA, ISACA, ISO/IEC 15504 communities are invited for future cooperation. For more information please contact to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Last Updated on Tuesday, 20 July 2010 10:30

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