* Proposed Statement on Standards for Attestation Engagements, An Examination of an Entity's internal Control
Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements (Supersedes AT Section 501.
The SEC's approval means registered audit firms are required to use the new standard for all internal control
audits no later than for fiscal years ending on or after November 15, 2007.
As you can see, internal control
continues to be a hot topic for management accountants, especially given today's business climate.
Instead, the CSA has proposed expanding Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings to require all reporting issuers, other than investment funds, in all Canadian jurisdictions, to certify in their annual CEO and CFO certifications that they have evaluated the effectiveness of their internal control
over financial reporting.
While Sarbanes-Oxley does not directly affect governments, the increased scrutiny of and renewed interest in internal control
has spilled over to the public sector.
This, along with the challenges of pulling together evidence in Indonesia of activities that had occurred nearly 10 years earlier in some instances, likely explains both the civil nature of the suit and the settlement on the basis of only the accounting and internal control
Collier County Board of County Commissioners is soliciting proposals for a software solution to assist with the building of a complete internal controls
framework which will be a continuous monitoring tool to assist the Agency in managing its internal control
risks based on the COSO Integrated Internal Control
Framework/ GAO Green Book for an estimated user license base of approximately two hundred (200).
For many, when they think of internal control
--or specifically about the Committee of Sponsoring Organization's (COSO) Internal Control
Integrated Framework--they think of Sarbanes-Oxley compliance.
The PCAOB continued this focus on internal controls
and, specifically, on the COSO framework in 2004, when it issued Auditing Standard (AS) 2, An Audit of Internal Control
over Financial Reporting Performed in Conjunction with an Audit of Financial Statements, and explicitly referenced the COSO framework as an appropriate framework to use when evaluating internal controls
In accordance with the FMFIA, in DoD organizations the internal control
framework and reporting process relies in great part on self-reporting from the bottom up.
Management must reassess its internal control
procedures for identifying VIEs and determine whether they should be consolidated, as well as extend its ongoing evaluation of internal controls
to include newly consolidated entities.
Recommendation: To improve internal controls
over the E-rate program, the Federal Communications Commission should develop policies and procedures to periodically monitor the internal control
structure of the E-rate program, including evaluating the costs and benefits of internal controls
, to provide continued reasonable assurance that program risks are targeted and addressed.