Beyond COSO: Internal Control to Enhance Corporate Governance - Softcover

Steven J. Root

Softcover

ISBN 10: 0471391123 ISBN 13: 9780471391128

Publisher: Wiley, 2000

Synopsis

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

Beyond COSO unravels the complexities of the COSO Report whileproviding clear-cut guidelines on how to implement the variousinternal controls it mandates. Just as important, it builds on theCOSO framework to provide a more rigorous system that corporateexecutives and directors can use to transform the internal controlfunction into a valuable strategic tool for leveraging corporatestrengths 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 COSOrequirements
* Provides a detailed account of the internal control oversightprocess
* Offers expert recommendations on how to carry out internalcontrol responsibilities more efficiently
* Supplies a wealth of ready-to-use internal controldocumentation

Beyond COSO is an invaluable working resource for internal andexternal auditors, CFOs, members of audit committees, and corporatedirectors.

www.wiley.com/accounting

About this title

From the Inside Flap

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 ground-breaking 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.

About the Author

STEVEN J. ROOT was the Director of Finance, Administration, andProcesses at Northrop Grumman Corporation. As Northrop Grumman'sChief Internal Audit Executive from 1981 to 1995, he was in chargeof directing, planning, and coordinating all internal auditingactivities within the company. Before joining Northrop Grumman in1976, he was a practicing certified public accountant with Coopers& Lybrand. Mr. Root currently chairs the ProfessionalDevelopment Committee for the Los Angeles chapter of the FinancialExecutives Institute. He also serves as a member of the board oftrustees for the Los Angeles chapter of the Institute of InternalAuditors. He is a past member of the Internal Auditing StandardsBoard and past president of the Los Angeles chapter of the IIA. Mr.Root is also the author of the Internal Auditing Manual.

Edition details

• Publisher: Wiley
• Publication date: 2000
• ISBN 10: 0471391123
• ISBN 13: 9780471391128
• Binding: Paperback
• Language: English
• Edition number: 1
• Number of pages: 352