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Internal Controls

Please note: This item is from our archives and was published in 2008. It is provided for historical reference. The content may be out of date and links may no longer function.

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The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released an exposure draft, Guidance on Monitoring Internal Control Systems . Developed by COSO through a process led by a Grant Thornton LLP team, the guidance is designed to help organizations monitor the quality of their internal control systems.

“This guidance more fully develops the monitoring component of our Internal Control—Integrated Framework ,” COSO Chairman Larry Rittenberg said in a press release. The draft includes practical application guidance and case studies, as well as clarification of the concept of monitoring internal control.

Information about the draft is available at www.coso.org/guidance.htm . Comments are due by Aug. 15. Input from respondents will be used to develop the final release of the project, which is scheduled for the fall.