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COSO Releases Guidance on Monitoring Internal Control
February 04, 2009
On February 4, 2009, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released Guidance on Monitoring Internal Control Systems. A four-page introduction is available free of charge on COSO’s website at www.coso.org/GuidanceonMonitoring.htm and the full guidance is available for purchase.
Although many organizations have effective monitoring, they often do not take full advantage of the information provided. In other cases, an organization’s routine monitoring is not as effective as it could be, resulting in additional testing at or near year end. In both cases, an improved approach to effective monitoring implementation can enhance the effectiveness of internal control systems.
Developed by COSO and led by a diverse Grant Thornton LLP team, the guidance is designed to help organizations identify and maximize effective internal controls monitoring and take timely corrective actions as needed. The new guidance is designed to help practitioners understand that effective monitoring is both risk-based and principles-based. The guidance consists of three volumes: Guidance, Application, and Examples, and is available in print and electronic formats.
As one of COSO’s founding organizations, along with the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), and the Institute of Internal Auditors (IIA), COSO’s Guidance on Monitoring Internal Control Systems is available for purchase at a discounted rate for IMA members. Click here for details. (Note: Orders will be processed through AICPA’s website for all organizations. Once on the AICPA website, scroll down to receive the discount.)