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COSO Releases Update to Internal Control – Integrated Framework (Framework) for Public Comment
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released a draft update to the Framework for public comment. Previously, COSO had engaged PricewaterhouseCooper (PwC) to author changes to the Framework in consideration of the evolving business environment and associated risks since its original publication in 1992. During this process, COSO worked with PwC on the update approaching ways organizations may adapt to increasing complexity and pace of change, mitigate risks to the achievement of objectives, and provide reliable information to support sound decision making. A broad range of professionals from industry as well as representatives and observers from academia, government agencies, and nonprofit organizations have provided a wealth of perspective on how the original Framework can be refreshed. While the Framework retains its core definition of internal control and the five components of a system of internal control, one of the most significant enhancements made is the codification of the original internal control concepts into 17 principles and supporting attributes that further support organizations as they apply judgment in managing risk and improving performance.
The comment period ends March 31, 2012. At which time, the Framework will be revised as necessary. Release of the final Framework is expected by November 2012.
To access the complete Internal Control-Integrated Framework, please visit www.ic.coso.org.
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For an overview of the proposed revision, you are invited to attend a webinar hosted jointly by The American Institute of Certified Public Accountants and The IIA. During the Webinar, attendees will hear directly from members of the COSO board and the update taskforce. For more information and to register, click here .
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