Guidance Released on Monitoring Internal Control

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released guidance designed to help organizations better monitor the effectiveness of their internal control systems and to take swift corrective action if needed.


The guidance, developed by COSO in a project led by a Grant Thornton LLP team, recognizes that while many organizations effectively monitor their internal control, some fail to take full advantage of the information gathered. In other cases, routine monitoring is not as effective as it could be, resulting in additional testing at or near year-end. An improved approach to monitoring implementation can enhance the efficiency and effectiveness of internal control, in many cases at lower overall costs to the organization, COSO said in a statement.


COSO released three volumes and a free four-page introduction. “Volume I: Guidance” presents the fundamental principles of effective monitoring, linking to COSO’s Internal Control—Integrated Framework. “Volume II: Application” discusses in greater detail the principles outlined in Volume I and provides guidance to those responsible for implementing effective monitoring. “Volume III: Examples” provides case studies of internal control monitoring.


The introduction can be downloaded for free from COSO’s Web site at The guidance is available both in electronic and hard-copy format and can be purchased at


“The guidance is presented in a way that encourages adaptation to individual organizational circumstances, and helps readers understand that effective monitoring is both risk based and principles based,” COSO Chairman Larry Rittenberg said in a press release.



Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.