COSO Launches Project To Modernize 1992 Internal Control Framework

Earlier today, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced it has launched a project to moderize its landmark Internal Control-Integrated Framework.

The framework, first published in 1992, has been supplemented by various publications since that time, including publications geared toward small public companies, and on monitoring of internal controls.

PwC To Lead Project, Under Advisory Team Of COSO Board Members, Experts
Audit firm PwC has been selected to coordinate this project, under the guidance of an advisory committee consisting of COSO board members and other experts.

COSO's founding sponsoring organizations include FEI, the AICPA, IIA, IMA, and AAA.

Target Completion Date: 2012
According to COSO's press release, “The initiative is expected to culminate in an updated internal control framework publication in 2012, the 20th anniversary of the initial Framework.

FEI To Form Ad Hoc Task Force To Support Participation On COSO Project
Consistent with past COSO projects, FEI will be forming an interdisciplinary task force to review drafts of the COSO project, draft comment letters, and support FEI’s COSO board member- FEI President and CEO Marie Hollein, and the chair of the FEI task force (to be named), who will serve with Marie on the COSO Project Advisory Committee, with representatives of each of COSO’s sponsoring organizations. FEI members interested in serving on this ad hoc task force, please contact me at eorenstein@financialexecutives.org. Nonmembers: don't forget we have a new category of membership: the Associate Member category - read more here.
 

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FEI Financial Reporting Blog provides highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. It is written by Edith Orenstein, Director of Technical Policy Analysis at FEI

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