On August 22nd, the International Federation of Accountants (IFAC) released a new publication, Internal Controls – A Review of Current Developments , which summarizes key internal control frameworks, highlights recent legislative and other initiatives, and discusses the role of internal control in enhancing corporate governance. This paper follows on IFAC's 2004 report, Enterprise Governance – Getting the Balance Right, jointly published by IFAC and the Chartered Institute of Management Accountants in the United Kingdom, which found that companies must balance conformance with rules and organizational performance. Internal Controls – A Review of Current Developments can be downloaded free-of-charge from the IFAC online bookstore at http://www.ifac.org/store.