Beyond COSO

Author: (USA) Rut Liu Xiaocang
Publisher:
Publish Date: 2004-08-01
Features: Due to the inherent shortcomings in governance mechanisms of most Chinese enterprises, the difficulty of corporate governance and internal control has been increasing. As a result, the need for establishing a practical internal control system and evaluation standards within enterprises has become more pressing. The Committee of Sponsoring Organizations of the Treadway Commission (COSO), the initiating organization of the National Forum on Fraudulent Financial Reporting, published the report "Internal Control – Integrated Framework" in 1992, which marked a milestone in the development of international internal control theory. This book provides a clear explanation of the complex COSO report and the feasibility of its requirements, and constructs a more rigorous internal control system based on the COSO framework by comparing it with other popular internal control standards. The system offers internal control oversight procedures, identifies challenges in internal control oversight, provides expert advice on how to more effectively execute internal control functions, and includes numerous existing internal control cultures. This book offers practical guidance on internal control for company directors and business managers, serves as a valuable reference for internal and external auditors, CFOs, and audit committee members, and can also be used as the preferred textbook for relevant training. The author of this book, Steven J. Rut, based on his research on the COSO report and years of practical experience, not only provides a detailed explanation of how to apply the complex COSO report to practice but also elaborates on various internal control evaluation standards issued domestically and internationally over the years, such as the "Foreign Corrupt Practices Act," the Malcolm Baldrige National Quality Award, the Canadian CoCo "Control Guide," and more, offering clear guidance. More importantly, this book constructs a more rigorous internal control system based on the COSO framework, enabling company executives and directors to transform internal control functions into strategic tools for expanding company advantages and improving company performance.