According to a recent survey from the Audit Executive Center of the Institute of Internal Auditors (IIA), internal audit departments are putting a greater focus on compliance risks and less emphasis on SOX.
Demand for added attention to high-risk processes, growing costs, and the increasing role of IT controls and testing reports are some of the key changes and challenges companies faced over the last year.
COSO – an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence – issued its updated Internal Control-Integrated Framework and related illustrative documents.
As a cofounder of COSO, IMA has contributed to the latest COSO exposure draft "Internal Control over External Financial Reporting: Compendium of Approaches and Examples" and encourages small businesses to provide input.
J. Stephen McNally, CPA, provides an overview of COSO and his perspective on how it has been leveraged by such companies as Campbell Soup. In addition, he offers insight into COSO's recent ICIF Refresh Project.