Internal Controls



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.

 

SPONSORED REPORT

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.