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148630 1 (1992-10-30)

handle is hein.gao/gaobadqxr0001 and id is 1 raw text is: Gtneral A4ccounting Offlce Wastunpon. n.C. 20548 Accounting and Financial Mr.nageamer Diision October 30, 1992 Mr. Robert L. May Chairman Committee of Sponsoring Organizations of the Treadway Commission 1211 Avenue of the American New York, NY 10035-8775 Dear Mr. May: We appreciate your September 11, 1992, briefing on the final report, Internal Control - Integrated Framework, by the Committee of Spunsoring Organizations (COSO) of the Treadway Commission. We are disappointed that the final report is not responsive to our major concerns provided to you on March 16, 1992, in our comments on the draft report. We believe that the final report does not underscore the importance of internal controls, falls sho.t of meeting the expectations of the Treadway Commission for management's reporting on the effectiveness of internal controls, and misses opportunities to enhance internal controls oversight and evaluation. In general, the report's message does not advance the status of corporate governance and may actually encourage management to lessen its attention to internal controls. In particular, the report: -- does not advocate public reporting on internal controls for financial reporting and falls to encourage evaluation of other controls such as those for laws and regulations, -- excludes safeguarding of assets from financial reporting controls, which is actually a step backwards from those controls long associated with financial reporting, -- does not recognize the important role that an entity's external auditor can play in evaluating internal controls, -- misses the importan of comprehensive evaluations of interna1 controls, - oe nt povdespcifi guidtance for an effective aui commtteeroi an

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