United States

Understanding the Principles in the Updated COSO Framework

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The 2013 COSO Internal Control-Integrated Framework retains the five components of internal control (i.e., control environment, risk assessment, information and communication, control activities and monitoring activities) included in the original 1992 Framework; however, it adds 17 principles associated with these five components that are necessary for effective internal control. During 2014, RSM LLP published a series of biweekly articles discussing each of these important principles. We have assembled all of these articles in one document, Understanding the Principles in the Updated COSO Framework, so as to provide a complete summary.