Wiley Corporate F&A Series
The Wiley Corporate F&A series provides information, tools, and insights to corporate professionals responsible for issues affecting the profitability of their company, from accounting and finance to internal controls and performance management.
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Library of Congress Cataloging-in-Publication Data:
Graham, Lynford.
Internal control audit and compliance: documentation and testing under the new COSO framework / Lynford Graham.
1 online resource. – (Wiley corporate F&A series)
Includes index.
Description based on print version record and CIP data provided by publisher; resource not viewed.
ISBN 978-1-118-99621-8 (cloth); ISBN 978-1-118-99647-8 (ebk); ISBN 978-1-118-99630-0 (ebk) 1. Auditing, Internal. I. Title.
HF5668.25
657.458 – dc 3
2014035947
Much has been learned in the decade since corporations, other entities, and auditors started re-reading the 1992 COSO Internal Controls Framework document to understand their mandates to document and assess internal controls. We have been through a version of the guidance targeted to smaller public companies (2006) and special guidance for unscrambling what is meant by Monitoring (2009). In 2013 we were presented with the updated Framework that will replace that prior COSO literature after December 15, 2014, and serve as our basis for going forward. Many entities that began the COSO process in 2002-2003 have not made major changes in their approach since that time. The revised Framework provides an excellent opportunity to re-examine past practices and seek improvements and efficiencies, since some level of change is likely to be necessary anyway.
It is likely that the COSO Internal Controls Framework will be around in some form throughout our working lives. Some still fail to embrace its goals and others work hard to find ways to try to change the laws and standards or short-cut the required assessment procedures. Still others are starting to recognize some of the benefits that can be realized from effective controls and more orderly and automated processes.
This book will look back on some of the “lessons learned” as experienced by entities and auditors. We will examine some of the academic and professional literature that provides wider insight than can be obtained from solely one entity's experience. As we face the new Framework, we will consider efficient approaches to migrate entities from current approaches to the new guidance with a minimum of disruption and effort. As with any process, the assessment benefits from periodic reconsideration and improvements, and this book can assist in implementing more effective solutions in that update process.
