Is there anybody out there who uses and is familiar with the COSO internal control framework?  If so, you may be interested to know that it is currently being updated.  Please let me know if you would like to comment on the exposure draft which is open until 31 March 2012.

Best wishes

Gillian Lees

Is there anybody out there who uses the COSO internal control framework? If so, you may be interested to know that COSO is currently updating it and is currently looking for comments.  Closing date of the exposure draft is 31 March and I would welcome any thoughts.

The International Federation of Accountants through its Professional Accountants in Business (PAIB) Committee is seeking your views on the need to internationally align risk management and internal control guidelines.  I have posted a short piece in the financial reporting section but it has been pointed out to me that the survey is also very relevant to those that might follow the management accounting threads - if you are then please check out the financial reporting threads.

 

The International Federation of Accountants through its Professional Accountants in Business (PAIB) Committee is seeking your views on the need to internationally align risk management and internal control guidelines. 

The survey specifically seeks to

Look beyond the proposed 50% tax rate announced in the 2009 UK Budget and you will see what might be the first steps towards creating a US-like Sarbanes-Oxley regime in the UK.

The new requirement for the Senior Accounting Officer to certify that a company's internal controls are adequate for the purpose of accurate tax reporting seems to be working against various initiatives to reduce the administrative burden on companies.