The Committee of Sponsoring Organizations of the Treadway Commission issued a request for proposals to develop guidance to help organizations monitor the quality of their internal control systems.
The end product is meant to serve as a tool for effectively monitoring internal controls, as well as complying with the Sarbanes-Oxley Act.
COSO Chairman Dr. Larry Rittenberg said that the end product should be completed within a year to meet the need for examples, guidance and more information regarding the monitoring component of COSO's Internal Control Integrated Framework.
"There is a tremendous gap between the value good monitoring brings to a system of internal control and management's understanding of that value,” Rittenberg said, in a statement.
The COSO board hopes to have the project scheduled for completion by the end of 2007. Notices of intent to submit a proposal must be received by Nov. 1. The complete RFP is available at www.coso.org/Publications/Monitoring%20RFP_Oct%2017.pdf.
COSO is a voluntary private sector organization dedicated to improving the quality of financial reporting. The committee includes the American Accounting Association, the American Institute of CPAs, Financial Executives International, the Institute of Management Accountants and the Institute of Internal Auditors.
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