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COSO Resource and Information Center
In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) published Internal Control-Integrated Framework, which has become commonly known as the COSO Framework. An updated Framework was issued in May 2013. It retains the original five components of internal control – control environment, risk assessment, information and communication, control activities and monitoring activities; however, it adds 17 principles and 81 points of focus that are necessary for an effective internal control environment. While the framework provides guidelines, questions may still remain regarding the implementation of the new guidance.
How our COSO/internal control specialists can help
Our multidisciplinary team of specialists can assess your current internal controls landscape and collaborate with you to develop and execute a work plan unique to your situation, and help you optimally comply with the 2013 COSO Framework.
Most Popular Insights
With banks growing again, they may face FDICIA and SOX compliance hurdles. See how COSO-driven internal controls help ready them for both.
Our summary includes all of the individual articles we published discussing the 17 COSO principles.
Update to the COSO framework provides additional guidance to enhance your control environment and an opportunity to better align strategy
New guidelines for internal controls could lead to SOX “reset” in 2014, as companies take a more enterprise-wide approach to risk.
This high-level summary contains a changes that may significantly impact the way your organization approaches internal controls.
Any review of internal control best practices, typically the COSO Framework, should lead one to conclude that internal control has five timeless concepts or components that are equally important.
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In The News
Bridging the Divide Between COSO Frameworks Old and New
Buying Time on COSO’s Internal Control Framework