Beyond Coso: Internal Control to Enhance Corporate Governance - Hardcover

Root, Steven J.

Hardcover

ISBN 10: 0471178098 ISBN 13: 9780471178095

Publisher: Wiley, 1998

Synopsis

The authoritative, practical guide to internal control after COSO (Committee on Sponsoring Organizations of the Treadway Commission)

Beyond COSO unravels the complexities of the COSO Report while providing clear-cut guidelines on how to implement the various internal controls it mandates. Just as important, it builds on the COSO framework to provide a more rigorous system that corporate executives and directors can use to transform the internal control function into a valuable strategic tool for leveraging corporate strengths and improving performance.

The first practical guide to complying with COSO Report mandates, Beyond COSO:
* Clearly explains the intricacies of the COSO Report
* Describes proven techniques for complying with COSO requirements
* Provides a detailed account of the internal control oversight process
* Offers expert recommendations on how to carry out internal control responsibilities more efficiently
* Supplies a wealth of ready-to-use internal control documentation
Beyond COSO is an invaluable working resource for internal and external auditors, CFOs, members of audit committees, and corporate directors.

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About this title

From the Back Cover

With the publication of the COSO Report in 1992, the scope of the corporate internal control function was expanded to include responsibility for compliance with an array of laws and regulations, accepted business practices, and financial reporting standards. One predictable by-product of this redefinition of internal control has been increased executive accountability. However, as author Steven J. Root clearly demonstrates in this groundbreaking book, while the Report does include a framework for assessing internal control, that framework, with its narrow focus on financial reporting, does not provide the rigorous system of checks and balances necessary in a business climate marked by ever more activist and litigious shareholders. Today's senior executives and their internal auditors need a more expansive framework than that provided by COSO, one that more closely aligns internal control concepts with the main objectives of corporate governance. Beyond COSO provides you with just such a framework.

Beyond COSO begins with a philosophical/historical review of internal control concepts as they have evolved, up to and including the COSO Report. This is followed by an in-depth exploration of the crucial ethical issues surrounding the contemporary internal control function. Readers will appreciate author Steven J. Root's fascinating discussions of common lapses in ethics, the potential risks they entail, and how to avoid them.

Drawing upon his extensive experience as a chief internal auditor with a Fortune 500 company and as a leading member of the Internal Auditing Standards Board, Mr. Root provides a detailed account of the internal control oversight process, with recommendations on how those responsible for internal control in North American corporations can more effectively discharge their responsibilities. He also makes a strong case for expanding the COSO-prescribed internal control criteria from 5 to 16, bringing the internal control function in line with all critical management activities, from IT development to human resource management. Finally, he offers clear, practicable guidelines for expanding the scope of any company's internal control function and transforming it from a financial oversight mechanism into a potent strategic tool for maximizing corporate performance.

Beyond COSO is an invaluable working resource for internal and external auditors, CFOs, members of audit committees, and corporate directors.

An authoritative, practical guide to internal control after COSO

Beyond COSO unravels the complexities of the COSO Report while providing clear-cut guidelines on how to implement the various internal controls it mandates. Just as importantly, it builds on the COSO Framework to provide a more rigorous framework that corporate executives and directors can use to transform the internal control function into a valuable strategic tool for leveraging corporate strengths and improving performance.

The first practical guide to complying with COSO Report mandates, Beyond COSO:

• Clearly explains the intricacies of the COSO Report
• Describes proven techniques for complying with COSO requirements
• Provides a detailed account of the internal control oversight process
• Offers expert recommendations on how to carry out internal control responsibilities more efficiently
• Supplies a wealth of ready-to-use internal control documentation.

About the Author

STEVEN J. ROOT was the Director of Finance, Administration, and Processes at Northrop Grumman Corporation. As Northrop Grumman's Chief Internal Audit Executive from 1981 to 1995, he was in charge of directing, planning, and coordinating all internal auditing activities within the company. Before joining Northrop Grumman in 1976, he was a practicing certified public accountant with Coopers & Lybrand. Mr. Root chairs the Professional Development Committee for the Los Angeles chapter of the Financial Executives Institute. He also serves as a member of the board of trustees for the Los Angeles chapter of the Institute of Internal Auditors. He is a past member of the Internal Auditing Standards Board and past president of the Los Angeles chapter of the IIA. Steven J. Root is the author of the Internal Auditing Manual.

Edition details

• Publisher: Wiley
• Publication date: 1998
• ISBN 10: 0471178098
• ISBN 13: 9780471178095
• Binding: Hardcover
• Language: English
• Edition number: 1
• Number of pages: 352