Analyze This: COSO Releases Exposure Draft of Updated Internal Control-Integrated Framework; Comments Due March 31
Yesterday, COSO announced the release of an Exposure Draft of its updated Internal Control-Integrated Framework . The update was done to reflect changesin business and technology in the 20 years since the original pubication of COSO's landmark Intertnal Control-Integrated Framework (C-IF), and to better articulate the concepts that werew assumed to underly the original 5 complenent framework, by retaining those components, but breaking them down into 17 principles and additional attributes. The comment period on the Exposure Draft of the IC-IF ends March 31, 2012.
As noted in COSO's press release: "COSO originally engaged PwC to develop a framework for internal control in response to a recommendation from the Treadway Commission. Building on the success of the original framework, COSO has worked with PwC to update it for organizations: to adapt to increasing complexity and pace of change; to mitigate risks to the achievement of objectives; and to provide reliable information to support sound decision making.
Read more here.