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The board's role in internal controls

Tom Fox | March 3, 2018

The basic framework for internal controls is derived from the COSO Model developed by the Committee of Sponsoring Organizations of the Treadway Commission in 1992 (COSO). This model has become the standard for an internal control framework and provides a structure to ensure companies address the key elements that should result in an effective system of internal controls. Using the COSO Model, modified in 2013, provides a supportable approach when regulators challenge whether a company has effective internal controls.

Each business location determines the specific controls needed to accomplish each control objective. In many companies, a disparity of operating practices and accounting systems will result in different controls being needed. While this assignment may seem overwhelming, it can be done in reasonable stages, pursuant to a specific implementation plan; it does not have to be done all at once for the entire company. 

Internal controls for a board or board...

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