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COSO Internal Control - Integrated Framework and Compendium Bundle
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COSO Internal Control - Integrated Framework and Compendium Bundle

Save when you purchase the 2013 Internal Control - Integrated Framework (3 Volume Set) with the Internal Control Over External Financial Reporting: A Compendium of Approaches and Examples.

$310$194.75 - $294.50
5% bundle discount applied
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Products included

2

Format

Multiple

Product Number

990027SET

 Business & partner 
Bundle Details

This page is for purchases of the print publication bundle. To purchase the online subscription, please go here.

Save when you purchase this bundle offering the Internal Control - Integrated Framework (2013) and the Internal Control Over External Financial Reporting: A Compendium of Approaches and Examples. You'll receive all four volumes including:

  • Executive Summary - Provides a high-level overview and lays out the definition, and limitations, of internal control, and the requirements for an effective system of internal control, including a description of the roles of components and principles. It highlights several important enhancements and clarifications that are intended to ease use and application of the Framework.
  • Framework and Appendices - The Framework sets forth, and describes the five components and seventeen principles of a system of internal control, illustrates many approaches and examples relating to entity objectives, and provides direction for all levels of management to use in designing, implementing and conducting a system of internal control, and in assessing its effectiveness. The Appendices provide additional reference material, including a glossary of key terminology, a discussion of roles and responsiblities of both responsible and external parties, and more.
  • Illustrative Tools for Assessing a System of Internal Control (Tools) - The Tools provide illustrative templates and scenarios that may be useful in applying the Framework and assessing its effectiveness.
  • Internal Control Over External Financial Reporting: A Compendium of Approaches and Examples - This publication has been developed to assist those users of the Internal Control - Integrated Framework (2013) who are responsible for designing, implementing, and conducting a system of internal control over external financial reporting that supports the preparation of financial statements and other external financial reporting.

Customizable templates included with your purchase!

You will receive a link to an Excel file containing four different templates from the Illustrative Tools, including:

  • Overall Assessment
  • Components
  • Principles
  • Deficiencies

You may customize the blank templates to match the facts and circumstances in your particular organization for your assessment process. A link to the file will be included with your order confirmation and the web page URL is referenced throughout the Framework for easy access.

What’s included in this bundle
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Product Details

This page is for purchases of the print and ebook versions of the publication. To purchase the online subscription, please go here.

The 2013 Internal Control-Integrated Framework is expected to help organizations design and implement internal control in light of many changes in business and operating environments since the issuance of the original Framework in 1992.

This essential three-volume resource:

  • Retains the core definition of internal control
  • Defines the five components of internal control
  • Continues to emphasize the importance of management judgment in designing, implementing, and conducting a system of internal control, and in assessing its effectiveness
  • Broadens the application of internal control in addressing operations and reporting objectives

The Framework publication set is made up of three volumes:

Executive Summary:

  • High-level overview intended for the board of directors and senior management
  • Lays out the definition and the requirements for an effective system of internal control
  • Highlights information intended to ease use and application of the Framework

Framework and Appendices:

The Framework material:

  • Sets forth the five components and seventeen principles of an effective system of internal control Illustrates approaches and examples relating to entity objectives
  • Provides direction for all levels of management to use in designing, implementing and conducting a system of internal control, and in assessing its effectiveness.
  • Assists management, boards of directors, and other stakeholders in their respective duties regarding internal control

The Appendices provide additional reference material, including:

  • Glossary and discussion of roles and responsibilities
  • Discussion of the methodology used for revising the Framework
  • Summary of changes to the COSO Internal Control-Integrated Framework (1992)
  • Comparison with the COSO Enterprise Risk Management-Integrated Framework

Illustrative Tools for Assessing a System of Internal Control (Tools)

  • Helpful illustrative templates and scenarios for applying the Framework
  • Scenarios that illustrate how the templates can be used to measure a control system’s effectiveness
  • Templates and scenarios that focus on evaluating components and relevant principles

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Excerpt

Foreword

In 1992 the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its Internal Control—Integrated Framework (the original framework). The original framework has gained broad acceptance and is widely used around the world. It is recognized as a leading framework for designing, implementing, and con­ducting internal control and assessing the effectiveness of internal control.

In the twenty years since the inception of the original framework, business and operat­ing environments have changed dramatically, becoming increasingly complex, techno­logically driven, and global. At the same time, stakeholders are more engaged, seeking greater transparency and accountability for the integrity of systems of internal control that support business decisions and governance of the organization.

COSO is pleased to present the updated Internal Control—Integrated Framework (Framework). COSO believes the Framework will enable organizations to effectively and efficiently develop and maintain systems of internal control that can enhance the likelihood of achieving the entity’s objectives and adapt to changes in the business and operating environments.

The experienced reader will find much that is familiar in the Framework, which builds on what has proven useful in the original version. It retains the core definition of internal control and the five components of internal control. The requirement to consider the five components to assess the effectiveness of a system of internal control remains funda­mentally unchanged. Also, the Framework continues to emphasize the importance of management judgment in designing, implementing, and conducting internal control, and in assessing the effectiveness of a system of internal control.

At the same time, the Framework includes enhancements and clarifications that are intended to ease use and application. One of the more significant enhancements is the formalization of fundamental concepts that were introduced in the original frame­work. In the Framework, these concepts are now principles, which are associated with the five components, and which provide clarity for the user in designing and imple­menting systems of internal control and for understanding requirements for effective internal control.

The Framework has been enhanced by expanding the financial reporting category of objectives to include other important forms of reporting, such as non-financial and internal reporting. Also, the Framework reflects considerations of many changes in the business and operating environments over the past several decades, including:

  • Expectations for governance oversight
  • Globalization of markets and operations
  • Changes and greater complexities in business
  • Demands and complexities in laws, rules, regulations, and standards
  • Expectations for competencies and accountabilities
  • Use of, and reliance on, evolving technologies
  • Expectations relating to preventing and detecting fraud

An Executive Summary provides a high-level overview intended for the board of direc­tors, chief executive officer, and other senior management. This Framework and Appen­dices publication sets out the Framework, including the definition of internal control, requirements for effective internal control including components and relevant principles, and direction for all levels of management in designing, implementing, and conducting internal control and in assessing its effectiveness. Included within the Framework and Appendices publication are ten chapters that constitute the Framework.

Appendices within the Framework and Appendices publication provide reference, but are not considered a part of the Framework. The Illustrative Tools for Assessing Effec­tiveness of a System of Internal Control provides templates and scenarios that may be useful in applying the Framework.

In addition to the Framework, Internal Control over External Financial Reporting: A Compendium of Approaches and Examples has been published concurrently to provide practical approaches and examples that illustrate how the components and principles set forth in this Framework can be applied in preparing external financial statements.

COSO previously issued Guidance on Monitoring Internal Control Systems to assist organizations in understanding and applying monitoring activities within a system of internal control. While this guidance was prepared to help in applying the original framework, COSO believes that it has similar applicability to the updated Framework. COSO may, in the future, issue other documents to provide assistance in applying the Framework. However, neither the Internal Control over External Financial Reporting: A Compendium of Approaches and Examples, Guidance on Monitoring Internal Control Systems, nor any other past or future guidance takes precedence over the Framework.

Among other publications published by COSO is the Enterprise Risk Management— Integrated Framework (ERM Framework). The ERM Framework and the Framework are intended to be complementary, and neither supersedes the other. Yet, while these frameworks are distinct and provide a different focus, they do overlap. The ERM Framework encompasses internal control, with several portions of the text of the original framework reproduced within that document. The ERM Framework remains a viable and suitable framework for designing, implementing, and conducting and assessing the effectiveness of enterprise risk management.

Finally, the COSO Board would like to thank PwC and the Advisory Council for their contributions in developing the Framework and related documents. Their full consid­eration of input provided by many stakeholders and their insight were instrumental in ensuring that the core strengths of the original framework have been preserved, clari­fied, and strengthened.

David L. Landsittel COSO Chair

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Product Details

This page is for purchases of the print or ebook version of the bundle. To purchase the online subscription, please go here.

The Internal Control – Integrated Framework sets forth three categories of objectives: operations, reporting, and compliance. The focus of the Compendium is the external financial reporting category of objectives, a subset of the reporting category. External financial reporting objectives address the preparation of financial reports for external parties, including:

  • Financial statements for external purposes
  • Other external financial reporting derived from an entity's financial and accounting books and records

Users will find relevant approaches and examples of how organizations may apply the principles set forth in the Framework in the design, implementation and conduct of internal control over external financial reporting. The approaches and examples are samples of activities for management to consider, rather than a complete or authoritative list.

Discounts

Save when you purchase the Internal Control - Integrated Framework and Compendium Bundle!

Excerpt

  1. Introduction

COSO’s Internal Control—Integrated Framework (Framework) sets forth three catego­ries of objectives: operations, reporting, and compliance. The focus of this publication, Internal Control over External Financial Reporting: A Compendium of Approaches and Examples (Compendium) is the external financial reporting category of objectives, a subset of the reporting category. External financial reporting objectives address the preparation of financial reports for external parties, including:

Financial statements for external purposes Other external financial reporting derived from an entity’s financial and accounting books and records

Using This Document

Intended Audience The Compendium has been developed to assist those users of the Framework who are responsible for designing, implementing, and conducting a system of internal control over external financial reporting (ICEFR) that supports the preparation of financial state­ments and other external financial reporting. It is also relevant to entities that report on the effectiveness of a system of internal control over external financial reporting relating to the preparation of financial statements. The preparation of financial statements for external purposes and other external financial reporting applies to the following types of entities:

Public Entities—Often, public entities are required to prepare financial statements for external purposes in accordance with applicable accounting standards, rules, and regulations. Additionally, they often prepare other external financial reporting derived from its financial and accounting books and records, such as earnings press releases, or information included in stipulated reports for business partners or lending agencies as required by contract. Private Entities—Entities whose ownership may be closely held may prepare financial statements to provide to banks and other third parties in order to raise capital or to meet contractual obligations. These statements can be prepared in accordance with standards and regulations, even though often, doing so may not be a requirement for private entities. More commonly, the form of the financial statements or of other external financial reporting is stipulated by contractual obligations or a third party. Not-For-Profit Entities—These entities may prepare financial statements for external purposes in accordance with appropriate rules and regulations. However, because the purpose of these entities is something other than realizing and generating profit, they may also prepare financial reporting for donors, government agencies, or other third parties that is not necessarily in accordance with specific standards, rules, or regulations, but aims to raise funds to support the stated cause.

Governmental Entities—These entities prepare financial statements that are required by law. As well, they may prepare financial reporting in accordance with specific standards, rules, or regulations, but which is not necessarily required, for the public or governmental oversight agencies.

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