What is relevance in SAP FIN-CGV-MIC - Management of Internal Controls?

SAP Term: relevance

• Component: FIN-CGV-MIC

• Component Name: Management of Internal Controls

• Description: Attribute of a control that dictates whether the control is relevant for section 302 or 404 of the Sarbanes-Oxley Act of 2002.

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• Key Concepts: 
  Relevance is a concept used in the Management of Internal Controls (FIN-CGV-MIC) component of SAP software. It is used to determine the importance of a particular control or process in relation to the overall risk management strategy. Relevance is determined by assessing the potential impact of a control or process on the organization's objectives and goals. 
  
  How to use it: 
  Relevance is used to prioritize controls and processes within the FIN-CGV-MIC component of SAP software. It helps organizations identify which controls and processes are most important for achieving their objectives and goals. Relevance can be determined by assessing the potential impact of a control or process on the organization's objectives and goals. 
  
  Tips & Tricks: 
  When determining relevance, it is important to consider both the potential positive and negative impacts of a control or process. Additionally, it is important to consider how a control or process fits into the overall risk management strategy. 
  
  Related Information: 
  For more information on relevance in SAP software, please refer to the FIN-CGV-MIC documentation available on SAP's website. Additionally, there are many online resources available that provide further information on relevance in SAP software.