Public companies have two reasons to take a hard look at their systems of internal control these days. First, the Committee of Sponsoring Organizations (COSO) recently issued an updated version of its internal control framework and the old framework is expiring at the end of the year. Second, audit firms, under pressure from the Public Company Accounting Oversight Board to improve quality, are scrutinizing internal controls more closely.
In this e-Book, produced by Compliance Week in cooperation with BlackLine Systems, we look at the progress companies are making in implementing the revised COSO internal control framework and improving their control systems. After getting off to a slow start, we look at how companies are assessing what they need to do to adopt the revised framework.
Next, we look at how audit firms are looking harder at controls after a round of audit inspection reports showed problems in some audits of internal controls. Finally, we look at how companies are taking the opportunity of the revised framework to step back and take a more holistic look at their systems of internal control.
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