The IMA paper, "A Global Perspective on Assessing Internal Control Over Financial Reporting," reflects a management point of view, drawing on a landmark SOX research study to be released by IMA later this month, and advances in the global risk and quality management areas.

"IMA accelerated the development of its management assessment guidance to provide the SEC with thought leadership on the path forward in developing practical and cost effective compliance solutions while protecting shareholder interests," said Paul Sharman, IMA president and CEO. "IMA simply wishes to be helpful to the SEC as it develops management assessment guidance with a specific proposal that has been successfully market tested. We believe this model will result in cost effective SOX 404 implementations for corporations large and small."

The paper provides a global perspective and encourages harmonization of global frameworks, such as the risk assessment methodology is "controls framework neutral." It also provides an assessment framework that is applicable to internal control over financial reporting, and other critical business applications such as product quality, customer service, safety, business continuity, and IT controls.

IMA has secured participation from various associations to serve as "participating reviewers" of the global assessment guidance discussion paper. Participating associations include: American Electronics Association (AeA); American Society for Quality (ASQ); Association of Government Accountants (AGA); and The Open Compliance and Ethics Group (OCEG), as well as several corporate practitioners and leading academics in the field. Coinciding with its release to the SEC, the IMA is also releasing this discussion paper for public comment with input due by Nov. 18.

IMA's discussion paper is available for review at www.imanet.org.