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.