Internal control is more important than ever, now that senior executives must attest to the effectiveness of their companies' systems of internal control. Practical Guide to Internal Control provides the information and tools that directors, CEOs, CFOs, controllers, and internal and external auditors need to gain an understanding of how internal control should work in practice.
Practical Guide to Internal Control provides detailed guidance on all essential aspects of internal control, including:
- An overview of internal control
- The COSO internal control framework
- The COSO enterprise risk management framework
- Management's report on internal control
- Auditing standards related to internal control
- Risk assessment and benchmarking of the control environment
- How to develop policies and procedures related to internal control
- Authorizations, approvals, verifications, and reconciliations
- Directors' responsibilities with regard to internal control
- Management's responsibilities with regard to internal control
- Essential control points
- Checklists and sample forms
