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    Guidance On Monitoring IC

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    Rakeshkargwal
    The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released an exposure draft of guidance on monitoring internal control systems and is seeking public comment by August 15. The guidance was developed by COSO and Grant Thornton LLP to help organizations of any size monitor the effectiveness of their internal controls over financial reporting, operations, and compliance. It includes principles of effective internal control, monitoring fundamentals, and examples from a variety of organizations. COSO encourages respondents to provide feedback to help finalize the guidance in fall 2008.

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    Guidance On Monitoring IC

    Uploaded by

    Rakeshkargwal
    19 views2 pages
    The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released an exposure draft of guidance on monitoring internal control systems and is seeking public comment by August 15. The guidance was developed by COSO and Grant Thornton LLP to help organizations of any size monitor the effectiveness of their internal controls over financial reporting, operations, and compliance. It includes principles of effective internal control, monitoring fundamentals, and examples from a variety of organizations. COSO encourages respondents to provide feedback to help finalize the guidance in fall 2008.

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    Guidance-on-Monitoring-IC

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    Guidance on Monitoring IC

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    The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released an exposure draft of guidance on monitoring internal control systems and is seeking public comment by August 15. The guidance was developed by COSO and Grant Thornton LLP to help organizations of any size monitor the effectiveness of their internal controls over financial reporting, operations, and compliance. It includes principles of effective internal control, monitoring fundamentals, and examples from a variety of organizations. COSO encourages respondents to provide feedback to help finalize the guidance in fall 2008.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    19 views2 pages

    Guidance On Monitoring IC

    Uploaded by

    Rakeshkargwal
    The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released an exposure draft of guidance on monitoring internal control systems and is seeking public comment by August 15. The guidance was developed by COSO and Grant Thornton LLP to help organizations of any size monitor the effectiveness of their internal controls over financial reporting, operations, and compliance. It includes principles of effective internal control, monitoring fundamentals, and examples from a variety of organizations. COSO encourages respondents to provide feedback to help finalize the guidance in fall 2008.

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    FOR IMMEDIATE RELEASE

    DATE: June 4, 2008


    CONTACT: Trish Harris
    PHONE: +1-407-937-1245
    EMAIL: trish.harris@theiia.org

    COSO Releases Exposure Draft of
    Guidance on Monitoring Internal Control
    Public comment period to end August 15
    Altamonte Springs, FL, June 4 The Committee of Sponsoring Organizations of the Treadway
    Commission (COSO) is pleased to announce the release of its exposure draft document:
    Guidance on Monitoring Internal Control Systems. Developed by COSO and led by a diverse
    Grant Thornton LLP team, the guidance is designed to help organizations monitor the quality of
    their internal control systems. Accompanying the release of the exposure document is access to
    a Web-based feedback portal on the COSO Web site at http://www.coso.org/guidance.htm. The
    comment period will end August 15, 2008.
    "This guidance more fully develops the monitoring component of our Internal Control - Integrated
    Framework, says COSO Chairman Larry Rittenberg, Ph.D. It is designed to assist organizations
    of any size or structure in developing efficient means to monitor the continued operating
    effectiveness of internal control related to financial reporting, operational, and compliance control
    objectives.
    Public input from the discussion document COSO released in September of 2007 was used in
    developing the exposure draft, which includes practical application guidance and case studies, as
    well as clarification of the concept of monitoring internal control.
    The guidance includes the principles of effective internal control over financial reporting
    developed by COSO in 2006, and reiterates the importance of those principles to all
    organizations, regardless of size. The projects scope has been extensive, comprising the
    fundamentals of monitoring and an in-depth examination of various types of information normally
    available in an organization information that could be used to monitor the effectiveness of
    internal control. It also includes examples of effective monitoring from a wide variety of
    organizations observed by the Grant Thornton team.
    In addition to the project team including Grant Thornton LLP partners and led by Grant
    Thornton National Managing Partner of Corporate Governance Trent Gazzaway the project
    has an oversight task force consisting of representatives from COSO's five sponsoring
    organizations and other experts; participation by the U.S. Government Accountability Office; and
    representatives from audit firms and both large and small companies. Also, there are project
    observers from both the SEC and the PCAOB.
    We were diligent in being inclusive of a variety of entities from the very beginning of this
    important project and were pleased to incorporate input and feedback from task force members
    who deal with controls and operations every day, says Rittenberg.
    Through the feedback portal, COSO encourages input on the clarity and applicability of the
    guidance provided. Input from respondents will be used in developing the final release of the
    project, currently scheduled for the fall of 2008. The goal is to deliver a finished product with
    broad relevance and demonstrable effectiveness.
    Originally formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting,
    COSO is a voluntary private sector organization dedicated to improving the quality of financial
    reporting through business ethics, effective internal controls, and corporate governance. COSO
    comprises the American Accounting Association (AAA),
    the American Institute of Certified Public Accountants (AICPA), Financial Executives International
    (FEI), the Institute of Management Accountants (IMA), and The Institute of Internal Auditors (IIA).
    www.COSO.org

    ###

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