What is disclosure controls and procedures in SAP FIN-CGV-MIC - Management of Internal Controls?

SAP Term: disclosure controls and procedures

• Component: FIN-CGV-MIC

• Component Name: Management of Internal Controls

• Description: Value that can be taken by the attribute "Relevance of a Control". A control with this relevance is conform with the requirements of section 302 of the Sarbanes-Oxley Act.

Smart SAP Assistant

• Key Concepts: 
  Disclosure controls and procedures are a set of internal controls that are designed to ensure that all relevant information is disclosed in a timely manner. This includes financial information, legal information, and other important information that must be disclosed in order to comply with applicable laws and regulations. The FIN-CGV-MIC Management of Internal Controls component of SAP helps organizations manage their disclosure controls and procedures. 
  
  How to use it: 
  The FIN-CGV-MIC Management of Internal Controls component of SAP provides a comprehensive set of tools for managing disclosure controls and procedures. It allows organizations to define the scope of their disclosure controls and procedures, create policies and procedures for disclosure, monitor compliance with those policies, and report on the effectiveness of the disclosure controls and procedures. 
  
  Tips & Tricks: 
  When setting up disclosure controls and procedures, it is important to ensure that all relevant information is included in the scope of the disclosure controls and procedures. Additionally, it is important to ensure that the policies and procedures are regularly reviewed and updated as needed. 
  
  Related Information: 
  The FIN-CGV-MIC Management of Internal Controls component of SAP also provides tools for managing other aspects of internal control, such as risk management, compliance management, and audit management. Additionally, SAP provides a range of other solutions for managing internal control processes.