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.

Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

Internal Controls

Get your clients ready for tax season

Keeping you informed and prepared amid the coronavirus crisis