Guidance on Monitoring Internal Control Systems
The culmination of two years of expert critical debate, the guidance brings together leading practices at large and small organizations and provides in-depth guidance for implementing the monitoring component of COSO's Internal Control—Integrated Framework.
Current Economic Instability: Accounting Issues and Risks for Financial Management and Reporting-2010
This Financial Reporting Alert is intended to be used by members of an entity’s financial management, board members and audit committee to identify and understand current accounting and regulatory developments affecting the entity’s financial reporting. This alert is intended to help you achieve a more robust understanding of the economic and business environment in which your entity operates and is also an important tool in helping you identify the significant risks that may result in the material misstatement of your entity’s financial statements.
This Guide provides the latest information on the use of audit sampling. It reflects changes in sampling brought about by the risk assessment standards . This edition of the guide has been conformed to reflect the Defining Professional Requirements standard (SAS No. 102), and includes guidance on communicating internal control related matters. This guide also includes expanded guidance on the application of sampling to tests of controls and substantive test of details, including determining the sample size and evaluating sample results, as well as guidance on following nonstatistical and statistical audit sampling approaches.
This landmark report was commissioned by the Committee on Sponsoring Organizations of the Treadway Commission (COSO). It establishes a common definition of internal control that services the needs of different parties for assessing and improving their control systems.
In response to a need for principles-based guidance to help entities design and implement effective enterprise-wide approaches to risk management, COSO issued the Enterprise Risk Management – Integrated Framework in 2004. This framework defines essential enterprise risk management components, discusses key ERM principles and concepts, suggests a common ERM language, and provides clear direction and guidance for enterprise risk management. The guidance introduces an enterprise-wide approach to risk management as well as concepts such as: risk appetite, risk tolerance, portfolio view. This framework is now being used by organizations around the world to design and implement effective ERM processes.
This COSO document contains guidance targeted towards smaller public companies, to help them apply concepts in the 1992 Internal Control – Integrated Framework. The guidance demonstrates the applicability of those concepts to help smaller public companies design and implement internal controls to support the achievement of financial reporting objectives. It highlights 20 key principles of the 1992 framework, providing a principles-based approach to internal control. While targeted toward smaller public companies, the 2006 guidance applies to entities of all sizes and types.