Long-awaited guidance on how to monitor internal controls has finally arrived and could mean less year-end work for companies attesting to the effectiveness of their internal control over financial reporting.
Published by The Committee of Sponsoring Organizations of the Treadway Commission, or COSO, the guidance is intended to help make internal controls more efficient and effective—which, consequently, should pave the way for a smoother assessment of internal controls as required by Section 404 of Sarbanes-Oxley. Auditing experts widely say that monitoring is one of the most difficult concepts to grasp in building a strong internal control framework.
