X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

It’s one thing to build solid internal controls, but quite another to have a system in place to monitor those controls on a regular basis. While many companies do the former, not enough are good at the latter. That’s the core take-away behind the latest release from COSO, the Committee of Sponsoring Organizations of the Treadway Commission. The recently released exposure draft, Guidance on Monitoring Internal Control Systems, was developed in cooperation with a team of partners at Grant Thornton LLP.

“Companies need more insight into how to become much more efficient and cost effective in maintaining internal controls,” says COSO chairman Larry Rittenberg, adding that the draft was developed after COSO members observed that some public companies monitor their internal controls over financial reporting just once a year, in order to comply with Section 404 of the Sarbanes-Oxley Act. “Companies should monitor their controls every day through ordinary operations, to make sure those controls [are] operating effectively,” Rittenberg explains. The proposed guidance provides practical guidance and concrete examples of using the monitoring component of the COSO internal control framework to develop effective and efficient internal controls. “Once you establish good internal controls you ought to think of how to maintain them,” Rittenberg adds.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.