COSO's New Guidance on Monitoring Internal Control: What You Need To Know
By Edith Orenstein, FEI Financial Reporting Blog -
Final guidance is expected to be published by COSO before year-end on Monitoring Internal Control Systems. Companies that reference COSO’s internal control framework (first set forth in COSO’s 1992 Internal control-Integrated Framework) - or have auditors that reference the COSO framework - in assessing the effectiveness of internal control systems under Section 404 of the Sarbanes-Oxley Act (or under similar requirements for private companies set forth by the AICPA) will want to be aware of this new guidance. Additionally, all companies can potentially benefit by assessing how the new guidance can be used to help make their internal control more efficient and effective. Find out about a free webcast taking place on Dec. 2, sponsored by FEI and Grant Thornton, where you can learn more about this guidance.