Beyond COSO: Exploring the Internal Control Standard System in China

China has made remarkable achievements in the construction of internal control standard system. It has achieved comprehensive coverage from enterprises to administrative institutions, and has created the way from learning to innovation. However, the internal control theory represented by COSO is difficult to explain the relationship among organization management, internal control and risk management, leading to the coexistence of internal control standards and risk management standards. The consequence of difficulty of integrating internal control into organizational management is that the construction of internal control becomes a mere formality. Hence, it is necessary to coordinate internal control, risk management, corporate governance, financial management and management accounting standards from the perspective of management and control integration, establish the internal control standard system in a new era to meet the needs of national informatization development strategy, and realize the overall innovation of internal control standard system.