Find out more about internal control with our range of articles, books and online resources providing quick links to guidance, updates and commentary.
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- Online articles
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A well-oiled machine
Internal auditor, February 2015, pages 31-35
As organisations map their existing controls to the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) updated 'Internal Control: Integrated Framework', it is becoming clear that some areas will see little change, while other areas will see opportunities to increase the effectiveness and efficiency of their controls.
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Accounting and finance policies and procedures
Policies and procedures are the foundation of internal controls for organizations. Taking a complicated subject and breaking it into manageable components, this book enables you to hit the ground running and significantly accelerate your completion of a solid policies and procedures program. This book provides you with sample documents you can personalize and customise to meet your company's needs.
Contains 45 polices and procedures in addition to the polices and procedures program itself
Accounting control best practices
Addresses one of the primary concerns in accounting today - how to develop a comprehensive system of accounting and operational controls. This concern has been exacerbated by the provisions of the Sarbanes-Oxley Act, which requires public companies to report an assessment of their internal control structures and which has led to comprehensive control examinations by all types of companies. This second edition describes a complete set of controls for both a paper-based accounting process and a computerized system and then describes controls for more advanced best practices that are layered on to the basic computerized system. This second edition includes new chapters describing control systems for budgeting, collections, and financial reporting.
Accounts payable and Sarbanes Oxley
Looks at the Sarbanes-Oxley Act (SOX) and how accounts payable functions can strengthen their internal controls. Includes information on the proper documentation and necessary guidelines needed to conform with SOX and ensure accounts payable departments are compliant.
Guide to the duties of modern finance directors.
Section 1.135 - 1.168 in chapter 1: Audit, covers the audit committee including, benefits and drawbacks of having an audit committee, membership, constitution and skills required, reporting to the board and shareholders, and internal control and internal audit. Appendix 2 is Specimen terms of reference for an audit committee
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The undoing of Sox 404(b)
The article discusses the changes introduced by the U.S. Securities and Exchange Commission to the Section 404 (b) of the Sarbanes-Oxley Act, a law consisting of auditing and financial regulations for public companies in the U.S.
Small companies avoid internal control attestations by taking on debt
Article reports on a study that shows that many smaller public companies companies have avoided the Sarbanes-Oxley requirement for auditor attestations of their internal controls audits by incurring debt instead of selling stock .
Accounting for cryptoassests: this new form of assets raises several unique and unusual internal control and financial reporting challenges.
The article discusses internal control and financial reporting issues related to cryptoassets that are separate from those of traditional currencies, intangible assets or other investments
Articles are available to logged-in ICAEW members, ACA students and other entitled users.
Faculty of Business and Management
The faculty provides exclusive member content, including articles and guides on internal control, events and other practical resources.
Understanding, documenting and testing internal controls
Guidance from the Audit and Assurance Faculty looking at some of the continuing issues that challenge auditors in understanding and documenting internal control on audits of financial statements.
Internal controls reporting: sketching out the options
This report from the Audit and Assurance Faculty examines various reporting frameworks, including COSO and the UK Code, as well as how these fit in with Sir Donald Brydon’s recommendations.
Internal control effectiveness: who needs to know?
Report from the Audit & Assurance Faculty exploring the current position in the UK of reporting on the effectiveness of financial reporting controls, comparing it with what happens in the USA and elsewhere in the world, and sets out the case for change and potential options.
Risk Management and Internal Control
Information from the Financial Reporting Council about the Turnbull guidance and Section 404 of the US Sarbanes-Oxley Act 2002.
Books and articles in the Library collection
Selected books and documents
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Executive's guide to COSO internal controls: understanding and implementing the new framework
R.R. Moeller (John Wiley, 2014, 304 pages)
Written for the executive who needs to get quickly up to speed on the specifics of the new COSO framework and how it's changed from the previous version, to help you put in place a practical, no-nonsense framework for identifying, planning, delivering, and implementing effective internal controls in your business.
Information technology control and audit
Senft, S. (Auerbach, 2013, 740 pages)
This book aims to provide a comprehensive and up-to-date overview of IT governance, controls, auditing applications, systems development, and operations. It examines emerging trends and defines recent advances in technology that impact IT controls and audits.
Internal control- integrated framework: framework and appendices
The framework contains the sections: definition of internal control; objectives, components and principles; effective internal control; additional considerations; control environment; risk assessment; control activities; information and communication; monitoring activities; and limitations of internal control.
COSO internal control - integrated framework: turning principles into positive action
Rittenberg, L.E. (The Institute of Internal Auditors Research Foundation, 2013)
This document is designed to be a companion piece to the 2013 COSO "Internal Control - Integrated Framework. It outlines implications for internal auditing and suggests ways in which internal auditors might also play a leading role in educating key members of management on how the organisation might address changes suggested in the updated Framework.
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