Guidance on Internal Control

Internal Control — Integrated Framework (1992)

Produced after the release of the Treadway Commission’s recommendations, this document provides principles-based guidance for designing and implementing effective internal controls. COSO developed the framework in response to senior executives’ need for effective ways to better control their enterprises and to help ensure that organizational objectives related to operations, reporting, and compliance are achieved. This framework has become the most widely used internal control framework in the U.S. and has been adapted or adopted by numerous countries and businesses around the world. Available for purchase in the AICPA Store. Click “Order Here” above.

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Guidance on Monitoring Internal Control Systems (2009)

Effective monitoring of internal control is one of the five components of effective internal control delineated in COSO's Internal Control - Integrated Framework. COSO has developed detailed interpretative guidance that will help organizations monitor the quality of their internal control systems.

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Internal Control over Financial Reporting — Guidance for Smaller Public Companies (2006)

This 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. Available for purchase in the AICPA Store. Click “Order Here” above.

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Internal Control Issues in Derivatives Usage (1996)

This guidance was issued in response to derivatives-related problems in recent years, many of which resulted from misunderstanding their risks and their use for risk management purposes. The document provided best-practice guidance for the development of internal controls related to derivative activities.