Internal Controls
The following provides information on
internal controls that may be relevant to audit committees:
Big Four Sarbanes Oxley Section 404 Resource Page
http://www.s-oxinternalcontrolinfo.com/
Securities and Exchange Commission Release
http://www.sec.gov/rules/final/33-8238.htm
Final
release under Section 404 of the Sarbanes Oxley Act. The SEC release defines internal controls by
reference to COSO.
SEC FAQs on 404 Rules as updated September 24, 2007Public Company Accounting Oversight Board Standard No. 2
http://www.sec.gov/info/accountants/controlfaq.htm
PCABOB Staff FAQs on Standard No. 2
http://www.pcaobus.org/Standards/Staff_Questions_and_Answers/index.aspx
Committee on Sponsoring Organizations (COSO)
http://www.coso.org/Publications/executive_summary_integrated_framework.htm
Executive
Summary of the COSO Report.
In 1992, the Committee of Sponsoring Organizations (COSO) of the Treadway Commission issued a landmark report on internal control, "Internal Control - Integrated Framework". This report, often referred to as the COSO report, provides a sound basis for establishing internal control systems and determining their effectiveness.
The Executive Summary of the report is available at the Committee of Sponsoring Organizations of the Treadway Commission website. The entire report is 5 volumes and is available from certain libraries. The following web sites have various resources related to internal controls:
COSO PublicationsThe AICPA Audit Committee Toolkit
http://www.aicpa.org/Audcommctr/toolkitscorp/homepage.htm
An internal control toolkit for audit committees.