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COSO Document Covers Internal Control Monitoring

A new exposure draft provides guidance to help organizations monitor the quality of internal control systems.

New draft guidance from The Committee of Sponsoring Organizations of the Treadway Commission (COSO) focuses on the monitoring component of the organization’s Internal Control–Integrated Framework. Guidance on Monitoring Internal Control Systems is intended to help organizations of all sizes improve the efficiency and effectiveness of their internal control systems and develop an efficient method of monitoring the operating effectiveness of internal controls. The document was developed by COSO and Grant Thornton LLP. (CAE Bulletin - June 11, 2008)

COSO and Grant Thornton set up a feedback portal to obtain public comments to the exposure draft. Comments received by August 15. 2008 are published.

Document of general comments and proposal for using ISO/IEC 15504 standard made by János Ivanyos is downloadable from here. Detailed comment is also available.

Guidance on Monitoring Internal Control Systems

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. The official roll-out date for the project is February 4, 2009.

COSO is pleased to release the first volume of its monitoring guidance — the Introduction.

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