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| All COSO publications are available through the American Institute of Certified Public Accountants (www.cpa2biz.com). Please contact AICPA for further information. |
| Guidance on Monitoring Internal Control Systems DISCUSSION DOCUMENT |
This business guidance more fully develops the monitoring component of the Internal Control - Integrated Framework to assist companies in ensuring the effectiveness of their financial, operational, and compliance-related internal controls.
Coming Soon: Upon availability, the exposure draft of practical implementation tools will be posted here. The final comprehensive guidance will follow by mid-2008. |
| Internal Control over Financial Reporting — Guidance for Smaller Public Companies |
This small business guidance takes the concepts of the 1992 Internal Control – Integrated Framework and demonstrates their applicability for achieving financial reporting objectives of smaller publicly traded companies.
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| Enterprise Risk Management — Integrated Framework |
The 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. Engaged by COSO to lead the study, PricewaterhouseCoopers was assisted by an advisory council composed of representatives from the five COSO organizations.
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| Report of the National Commission on Fraudulent Financial Reporting |
Prevention and earlier detection of fraudulent financial reporting must start with the entity that prepares financial reports. Thus the first focus of the Commission's recommendations is the public company, including (1) the tone set by top management, (2) the internal accounting and audit functions, (3) the audit committee, (4) management and audit committee reports, (5) the practice of seeking second opinions from independent public accountants, and (6) quarterly reporting. The independent public accountant's role, while secondary to that of management and the board of directors, also is crucial. This section of the report covers responsibility for detection and improved detection capabilities, audit quality, communications, and changes to the standards-setting process for auditing. The Commission's recommendations for increased deterrence also involve new SEC sanctions, greater criminal prosecution, improved regulation of the public accounting profession, adequate SEC resources, improved federal regulation of financial institutions, and improved oversight by state boards of accountancy. To encourage educational initiatives, the Commission also recommends changes in the business and accounting curricula as well as in professional certification examinations and continuing professional education. PDF:
1,415 KB / 198 pages - Need Adobe Acrobat?
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here! |
| Internal Control — Integrated Framework |
| Senior executives have long sought ways
to better control the enterprises they run. Internal controls are put in place
to keep the company on course toward profitability goals and achievement of its
mission, and to minimize surprises along the way. They enable management to
deal with rapidly changing economic and competitive environments, shifting
customer demands and priorities, and restructuring for future growth. Internal
controls promote efficiency, reduce risk of asset loss, and help ensure the
reliability of financial statements and compliance with laws and
regulations. EXECUTIVE SUMMARY> > |
| Internal Control Issues in Derivatives Usage |
| Problems surrounding the use of
derivatives in recent years often revolved around difficulty in understanding
their risks and their use for risk management purposes. These problems
highlight the need for management to develop internal control systems for
derivative activities. EXECUTIVE SUMMARY> > |
| Fraudulent Financial Reporting: 1987-1997 - An Analysis of U.S. Public Companies |
Fraudulent financial reporting can have
significant consequences for the organization and for public confidence in
capital markets. Periodic high profile cases of fraudulent financial reporting
raise concerns about the credibility of the U.S. financial reporting process
and call into question the roles of auditors, regulators, and analysts in
financial reporting. |
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