How COSO helps nonprofits bolster internal controls

Description

Abstract: For more than two decades, COSO — a joint initiative of several professional accounting groups — has provided for-profit companies with guidance on designing and maintaining internal controls. COSO recently revised its original framework with the release of Internal Control — Integrated Framework. As this article explains, not all of the updated framework will apply to nonprofits, but the new guidance can provide a structure for organizations trying to establish, strengthen or assess their internal controls.