![]() And while private companies are not required to follow COSO standards, their guidelines serve as a comprehensive roadmap for establishing and maintaining internal financial controls. The most recent set of COSO guidelines, which were updated in 2013, cover the broader control environment, risk assessments, the control activities themselves, information and communication related to controls, and ongoing monitoring activities. Use our guide on internal controls for private companies to find out more about why internal controls are so important, how to implement them at your company, when a risk assessment can help, and how to maintain your controls once they are in place:įor the last 30 years the Committee of Sponsoring Organizations (COSO) has served as the most thorough internal controls resource for companies of all types.
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