![]() ![]() ![]() First, each of the five components are present and functioning. ![]() In its Illustrative Guide, COSO laid out its views on “how to assess the effectiveness of its internal controls.” It went on to note, “An effective system of internal controls provides reasonable assurance of achievement of the entity’s objectives, relating to operations, reporting and compliance.” Moreover, there are two over-arching requirements that can only be met through such a structured post. Consider what COSO says about assessing compliance internal controls. In the age of Coronavirus, it could well be time to assess your internal controls beyond a gap analysis. ![]()
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February 2023
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