Internal Control Audit and Compliance (eBook)

Ease the transition to the new COSO framework with practical
strategy

Internal Control Audit and Compliance provides complete
guidance toward the latest framework established by the Committee
of Sponsoring Organizations (COSO). With clear explanations and
expert advice on implementation, this helpful guide shows auditors
and accounting managers how to document and test internal controls
over financial reporting with detailed sections covering each
element of the framework. Each section highlights the latest
changes and new points of emphasis, with explicit definitions of
internal controls and how they should be assessed and tested.
Coverage includes easing the transition from older guidelines, with
step-by-step instructions for implementing the new changes. The new
framework identifies seventeen new principles, each of which are
explained in detail to help readers understand the new and emerging
best practices for efficiency and effectiveness.

The revised COSO framework includes financial and non-financial
reporting, as well as both internal and external reporting
objectives. It is essential for auditors and controllers to
understand the new framework and how to document and test under the
new guidance. This book clarifies complex codification and provides
an effective strategy for a more rapid transition.

* Understand the new COSO internal controls framework

* Document and test internal controls to strengthen business
processes

* Learn how requirements differ for public and non-public
companies

* Incorporate improved risk management into the new
framework

The new framework is COSO's first complete revision since the
release of the initial framework in 1992. Companies have become
accustomed to the old guidelines, and the necessary procedures have
become routine - making the transition to align with the new
framework akin to steering an ocean liner. Internal Control
Audit and Compliance helps ease that transition, with clear
explanation and practical implementation guidance.