It’s been a while since we’ve heard from the folks at COSO. That usually means they’ve been busy.
COSO — that’s the Committee of Sponsoring Organizations of the Treadway Commission — has released an exposure draft of guidance designed to help companies monitor the quality of their internal controls.
The exposure draft “includes the principles of effective internal control over financial reporting developed by COSO in 2006, and reiterates the importance of those principles to all organizations, regardless of size,” COSO writes. “The project’s scope has been extensive, comprising the fundamentals of monitoring and an in-depth examination of various types of information normally available in an organization — information that could be used to monitor the effectiveness of internal control.
Public comments on the exposure draft are being accepted through Aug. 15, 2008.
Other internal control resources: