FEI webcast on COSO pm today; Comment deadline on COSO ED 3/31

FEI members and nonmembers can still register for FEI's webcast on COSO taking place from 1-2:30 pm EST today, during which PwC Partner Stephen Soske, FEI President and CEO Marie N. Hollein, and FEI working group on COSO chairman Ray Purcell (Director of Financial Control, Pfizer) will discuss COSO's Exposure Draft updating COSO's 1992 Internal Control-Integrated Framework. (Press release; ED). The comment deadline on COSO's ED is the end of this month.

Register here for today's FEI webcast on COSO. The webcast offers 1.5 CPE. Nonmembers will see a prompt on our registration webpage that a login is needed to access info about this event and register; you can create a free login account on that webpage.

WEBCAST MARCH 19, 1-2:30 PM EST on COSO Exposure Draft

Marie-Hollein.jpgRay-Purcell.jpgStephen-Soske.jpg
Marie Hollein Ray Purcell Stephen Soske

COSO stands for the Committee of Sponsoring Organizations of the Treadway Commission. As noted on COSO's website, www.coso.org, the five founding sponsoring organizations of COSO include the AAA, AICPA, FEI, IIA and IMA.

The COSO framework is relevant to private and public companies, with respect to systems of internal control generally, and specifically with respect to assertions over the effectiveness of internal control over financial reporting provided by private co's in rep letters and in connection with other internal control related assertions and assurances by company management and their auditors (including with respect to AICPA standards), and for public companies and their auditors in connection with Sarbanes-Oxley Section 404 assertions (including with respect to SEC and PCAOB rules and standards, respectively) .

The ED released by COSO in Dec., 2011 on which comments are due 3/31/12 (the focus of this webcast) updates COSO's Internal Control-Integrated Framework for changes in technology and business practices taking place during the 20 years since publication of the original framework, and also delineates a principles-based approach by defining 17 'principles' and about 80 underlying 'attributes' which COSO believes help articulate the original five components of internal control - which continue to be carried through in this ED: control environment, risk assessment, control activities, information & communication, and monitoring.

PwC is leading the drafting of the new guidance, under the direction of the COSO board and a COSO advisory task force including representatives of COSO's sponsoring organizations as well as additional experts. One of PwC's predecessor firms, Coopers & Lybrand, had led the drafting of the original COSO framework.

Webcast registrants can email questions to me in advance or during the webcast for us to gather for the speakers at eorenstein@financialexecutives.org . Please note we cannot guarantee your question will be raised during the webcast due to timing considerations.

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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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