COSO Exposure Draft, Updating Internal Control Framework, Expected October/November
In an online interview published by the AICPA's Journal of Accountancy, AT&T Director Bill Schneider, a member of the COSO Advisory Task Force, provides a briefing on the objectives of COSO's current project to update its landmark 1992 Internal Control-Integrated Framework, and states that an Exposure Draft of the update is expected to be released for public comment in October or November. (See 2:40 on the AICPA JofA video, Modernizing the Internal Control-Integrated Framework, for the discussion of expected timing of the ED.)
As previously reported, COSO is updating the 1992 internal control framework, widely used in the U.S. and in other countries as well, to reflect changes in technology, the economy and business environment that have taken place in the 20 years since the original framework was written.
As discussed by AT&T's Schneider on the above-linked video, COSO's five broad principles [the control environment, risk assessment, control activities, information & communication, and monitoring) have stood the test of time, and will remain as the core principles. However, additional principles will be developed around the core principles. Read more about COSO's project to update its internal control framework, and see links to related materials, here.