Final guidance is expected to be published by COSO before year-end on Monitoring Internal Control Systems. Companies that reference COSO’s internal control framework (first set forth in COSO’s 1992 Internal control-Integrated Framework) - or have auditors that reference the COSO framework - in assessing the effectiveness of internal control systems under Section 404 of the Sarbanes-Oxley Act (or under similar requirements for private companies set forth by the AICPA) will want to be aware of this new guidance. Additionally, all companies can potentially benefit by assessing how the new guidance can be used to help make their internal control more efficient and effective.
COSO’s monitoring guidance is being developed by a project team led by Grant Thornton, under the oversight of a broad-based task force consisting of representatives of COSO’s five sponsoring organizations – AAA, AICPA, FEI, IIA, and IMA - and other experts. An Exposure Draft of the proposed guidance was issued for public comment earlier this year, and COSO is preparing to issue final guidance by year-end.
Learn more about the concepts underlying the new guidance and practical aspects by registering for a free webcast sponsored by FEI and Grant Thornton taking place on Dec. 2 at 2:00 PM EST entitled: COSO’s New Guidance on Monitoring Internal Control: What You Need To Know . (NOTE: when you follow the registration links, use Company Code 710004.) Trent Gazzaway, Grant Thornton's managing partner of corporate governance, who represented Grant Thornton as the project leader on creating the new guidance, will lead this presentation. Moderating the webcast is FEI Senior Advisor Michael P. Cangemi. Michael serves as FEI’s representative on the COSO board. The webcast will also feature a Q&A during which participants can submit questions online.
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