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Ensuring Operational Resiliency and Optimization through Internal Control - An Introduction to the COSO Internal Control Integrated Framework

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Abstract:

Near the top of the list of every utility manager's responsibilities are to provide more efficient and effective results, more reliable reporting, and enhanced regulatory compliance. With the recent crisis in the financial markets, there has been increased pressure for improved efficiency and effectiveness of utility operations accompanied by increased scrutiny on the reliability of financial reporting. Governance boards and external auditors are raising expectations for improved performance on internal controls. And, all of this occurs while utilities face increasing requirements for regulatory compliance, especially those that face consent decrees. The Management Controls Subcommittee of the AWWA Finance, Accounting, and Management Controls Committee recommends that these objectives can be achieved, in part, through application of internal control techniques used by publicly owned companies.

Keywords: Control Activities; Control Environment; Information and Communication; Internal Control; Monitoring; Risk Assessment

Document Type: Research Article

DOI: https://doi.org/10.2175/193864710798286849

Publication date: 2010-01-01

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