Ease the transition to the new COSO framework with practicalstrategy
Internal Control Audit and Compliance provides completeguidance toward the latest framework established by the Committeeof Sponsoring Organizations (COSO). With clear explanations andexpert advice on implementation, this helpful guide shows auditorsand accounting managers how to document and test internal controlsover financial reporting with detailed sections covering eachelement of the framework. Each section highlights the latestchanges and new points of emphasis, with explicit definitions ofinternal controls and how they should be assessed and tested.Coverage includes easing the transition from older guidelines, withstep-by-step instructions for implementing the new changes. The newframework identifies seventeen new principles, each of which areexplained in detail to help readers understand the new and emergingbest practices for efficiency and effectiveness.
The revised COSO framework includes financial and non-financialreporting, as well as both internal and external reportingobjectives. It is essential for auditors and controllers tounderstand the new framework and how to document and test under thenew guidance. This book clarifies complex codification and providesan effective strategy for a more rapid transition.
* Understand the new COSO internal controls framework
* Document and test internal controls to strengthen businessprocesses
* Learn how requirements differ for public and non-publiccompanies
* Incorporate improved risk management into the newframework
The new framework is COSO's first complete revision since therelease of the initial framework in 1992. Companies have becomeaccustomed to the old guidelines, and the necessary procedures havebecome routine - making the transition to align with the newframework akin to steering an ocean liner. Internal ControlAudit and Compliance helps ease that transition, with clearexplanation and practical implementation guidance.