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International companies, advancements in technology, the increasing amount of business failures, and widely publicized fraud in America have forced companies to place more emphasis on internal control systems and internal audits. Internal controls consist of procedures that management uses to ensure accuracy in performing certain business functions. These procedures make up a company's internal control system. Internal controls helps to ensure the reliability of financial reporting. Section 404 of the Sarbanes Oxley act requires auditors to perform an audit of financial statements as well as report on the effectiveness of internal controls. To address internal control issues, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued control guidelines called the Internal Control-Integrated Framework in September of 1992. The COSO helps to emphasize the understanding of a good internal control system. It provides guidelines for establishing criteria to......

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Approximate Pages: 5 (250 words per double-spaced page)

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