PAIB eNews Special Edition: December 2011

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    Dec 20, 2011
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    PAIB eNews Special Edition: December 2011

    COSO Issues Updated Internal Control Framework

    The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has issued for public comment its updated Internal Control—Integrated Framework, which aims to improve the original framework issued in 1992. The original framework has become one of the most widely used internal control frameworks in the world.

    In the twenty years since the inception of the original framework, business and operating environments have changed dramatically, becoming increasingly complex, technologically driven, and global in scope. At the same time, stakeholders are more engaged, seeking greater transparency and accountability for the integrity of internal control systems that support the business decisions and governance of the organization.

    The updated framework builds on what has proven useful in the original version. It retains the core definition of internal control and the five components of an internal control system. The broad criteria used to assess the effectiveness of an internal control system are unchanged. The updated framework continues to emphasize the importance of management judgment in the design, application, and assessment of the effectiveness of a system of internal control.

    At the same time, the updated framework introduces enhancements designed to clarify concepts and ease use and application. One of the most significant enhancements is the codification of internal control concepts, introduced in the original framework, into principles and attributes. Serving on the COSO Advisory Council, IFAC has been actively involved in the update process for Internal Control—Integrated Framework.

    Comments are requested by March 31, 2012.

     

     

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