Magazine article The CPA Journal

Revised Report on Internal Control

Magazine article The CPA Journal

Revised Report on Internal Control

Article excerpt

Eleven months after its original release, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued a revised draft of Internal Control--Integrated Framework. The revised draft is being circulated to a limited audience including those that commented on the earlier draft. There is no formal comment period for the second draft. Informal meetings are being held with those that initially commented. The plan is to have a final report by July 1992.

The documents appear to have undergone substantial revision as a result of receiving slightly over 200 comment letters. A broad definition of internal control was retained including the concept that integrity, ethical values, and competence of the entities' people are factors in the internal control environment. Some respondents to the draft felt that the first draft was directed toward large entities and was not practical for small and medium-sized companies. In response, the revised draft has a section "Application to Small and Mid-size Entities" in each chapter. …

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