COSO issues guidance document for comment

The one thing that vexed people in the AS2 era was a lack of implementation guidance. That contributed a lot to the overly conservative approach that frustrated so many companies. The PCAOB and the SEC have pledged to do better. And they have issued more guidance. And now, COSO has followed that same suit. I am not sure how many companies still rely on COSO, but it is certainly an opportunity to stay relevant. Some might see that as a lost cause. In any case, COSO has released a discussion document that contains preliminary guidance on internal controls monitoring. It is asking for public comment before Oct. 31. It developed the document with Grant Thornton. It could prove valuable. The final publication currently is due in the first quarter of 2008, still in time perhaps for many audits. It promises tools, case studies and examples narrowly focused on internal controls.   

For more:
- here's the release

Related articles:
- Finally, new Sarbox rules approved
- COSO aims to provide Sarbox guidance soon