Internal Control Audit and Compliance: Documentation and Testing Under the New Coso Framework (Wiley Corporate F&A)

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9781118996218: Internal Control Audit and Compliance: Documentation and Testing Under the New Coso Framework (Wiley Corporate F&A)
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Ease the transition to the new COSO framework with practical strategy

Internal Control Audit and Compliance provides complete guidance toward the latest framework established by the Committee of Sponsoring Organizations (COSO). With clear explanations and expert advice on implementation, this helpful guide shows auditors and accounting managers how to document and test internal controls over financial reporting with detailed sections covering each element of the framework. Each section highlights the latest changes and new points of emphasis, with explicit definitions of internal controls and how they should be assessed and tested. Coverage includes easing the transition from older guidelines, with step-by-step instructions for implementing the new changes. The new framework identifies seventeen new principles, each of which are explained in detail to help readers understand the new and emerging best practices for efficiency and effectiveness.

The revised COSO framework includes financial and non-financial reporting, as well as both internal and external reporting objectives. It is essential for auditors and controllers to understand the new framework and how to document and test under the new guidance. This book clarifies complex codification and provides an effective strategy for a more rapid transition. * Understand the new COSO internal controls framework * Document and test internal controls to strengthen business processes * Learn how requirements differ for public and non-public companies * Incorporate improved risk management into the new framework

The new framework is COSO's first complete revision since the release of the initial framework in 1992. Companies have become accustomed to the old guidelines, and the necessary procedures have become routine - making the transition to align with the new framework akin to steering an ocean liner. Internal Control Audit and Compliance helps ease that transition, with clear explanation and practical implementation guidance.

Klappentext:

A PRACTICAL GUIDE FOR EASING THE TRANSITION TO THE NEW COSO FRAMEWORK

The COSO (Committee of Sponsoring Organizations) internal controls framework was first released in 1992 and has become a standard internal controls assessment measure for public accountants, Sarbanes-Oxley internal control rules, internal auditors, and others worldwide.

Internal Control Audit and Compliance offers a guide and comprehensive reference to the newly revised framework established by COSO. The revised COSO framework provides standards and evaluation tools, which businesses and other entities rely on to evaluate their control systems. Written by Lynford Graham, this important resource includes clear explanations and expert guidance for implementing the framework's principles and shows auditors and accounting managers how to document and test internal controls over financial reporting.

The COSO internal control framework identifies five components of internal control: control environment; risk assessment; control procedures; information and communication; and monitoring. While these components remain unchanged, the author covers each element of the updated framework and highlights the relevant changes. The revised framework identifies seventeen new principles, each of which are explored in detail to help understand the new and emerging best practices for efficiency and effectiveness. Graham also includes explicit definitions of internal controls and reveals the new strategies for assessment and testing.

Internal Control Audit and Compliance contains the much-needed information for making the transition from older guidelines and offers practical instructions for implementing the necessary changes in order to incorporate the new revised COSO framework into daily practice.

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