COSO releases discussion document

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has announced the release of a new discussion 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.

The comment period will end October 31, 2007.

"This guidance more fully develops the monitoring component of COSO’s Internal Control - Integrated Framework,” says COSO chairman Larry Rittenberg, Ph.D. “The guidance is appropriate for organizations of any size or structure to improve the quality of their internal controls systems for multiple business purposes, but especially those dealing with the reporting requirements under the US Sarbanes-Oxley Act of 2002, Section 404.”

The guidance applies to the internal control objectives over financial reporting, as well as the objectives related to effective operations and compliance. In addition, it 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.

Rittenberg stresses the breadth of the project’s scope, which comprises the fundamentals of monitoring, and an in-depth examination of various types of information

Download the document from http://www.coso.org/PUBLICATIONS.HTM

•Date: 20th Sept 2007• Region: World •Type: Article •Topic: Operational risk
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