Like a house built with a solid frame, internal controls are at the core of ensuring effective compliance and risk management. Two recent developments have spurred companies to review that system of internal controls. The first is an update, published by COSO last year, to the framework most public companies use to guide their assessment of those controls. The second is a trend toward more scrutiny by auditors of internal controls and how they are performing. Companies are now working to adopt the updated framework and ensure that their system of internal controls is functioning effectively, with many hoping to complete the work by the end of the year.
In this e-Book, produced by Compliance Week in cooperation with Workiva, we consider some of the challenges companies are facing as they work to implement the updated COSO internal control framework and improve their control systems. We also look at some of the strategies they are taking as they assess what they need to do to adopt the revised framework.
First, we consider the differences in the updated COSO framework from the older version and what companies will need to do to bridge the divide. Next, we look at how auditors are under more pressure to scrutinize interal controls and what it means for companies. Then, we look at what’s driving companies to adopt the new framework and what they can do if they decide to delay implementation. Finally, we hear from some companies that are working to adopt the framework and some of the difficulties they are incurring.
- PDF, Size 2.45 mb