Professional Development Meet

Professional Development Meet – October 2007

As members may be aware, COSO released in September 2007 a Discussion Document on “Internal Control – Integrated Framework- Guidance on Monitoring Internal Control Systems”. Public Comment on this Discussion Document closes on 31 October 2007 after which COSO proposes to release an Exposure Draft later this year followed by a full implementation guidance by the first quarter of 2008.

At the PDM organized by the Madras Chapter this COSO Document was discussed by Members. Mr.P R Loganathan, Founder Madras Chapter and Formerly Region of India Director on the IIA International Board, presented the salient features of this Discussion Document in the form of a Power Point Presentation. Mr Loganathan in the course of the presentation gave a full background of COSO and its outstanding contribution to the internal audit community thru excellent research projects like the Internal Control Integrated Framework released in May 1992, Enterprise Risk Management- Integrated Framework in September 2004 and Internal Control over Financial Reporting- Guidance for Smaller Public Companies published in June 2006 He explained how monitoring is a very important part of internal control framework and how this discussion document is brought out by COSO to help organizations develop monitoring programs that will contribute most effectively and efficiently to the operation of an optimal internal control system. This was followed by an interesting Q&A session among the Members present.

Mr JRS Reddy Chapter President presided over the Meeting and also introduced the Speaker.

For the benefit of Members who could not participate a copy of this Power Point Presentation is given in this page. Click here

Although this presentation covers all the salient features of the Discussion Document, Members are encouraged to download the complete Discussion Document from www.coso.org and send their comments to the COSO in the form prescribed in COSO website. COSO seeks your feedback on the concepts in this discussion document.