Comments Coming into COSO on Internal Control ED
Looking for some good lunchtime (or weekend) reading? In advance of COSO's 3/31 comment deadline on its Exposure Draft updating the 1992 COSO Internal Control - Integrated Framework (IC-IF), 57 comment letters have been filed so far.
COSO's IC-IF has withstood the test of time, and the ED represents COSO's efforts to update the framework for changes in the business environment since 1992, and encourage principles-based application of the framework through the identification of 17 principles. The COSO framework is cited as a suitable framework for purposes of assertions and attestations under the SEC and PCAOB rules implementing Sarbanes-Oxley Section 404. COSO is also cited in certain AICPA literature applicable to private companies.
Read more about COSO's ED and the comment letters, including expected points to be raised in a comment letter being finalized by FEI's Working Group on COSO.