COSO's ED's: Will They Knock Your SOX Off? Or Make Life a Breeze? WEBCAST Nov. 26 at Noon
The Committee of Sponsoring Organizations of the Treadway Commission (COSO ) is nearing completion of its project to update its 1992 Internal Control-Integrated Framework, which public companies reference in preparing their Sarbanes-Oxley Section 404 internal control opinions, and their auditors reference for their SOX opinions on their clients' internal controls, - according to SEC rules for management reporting to comply with Sarbox section 404(a)  and PCAOB rules (specifically, AS 5) for auditors to comply with reporting under Sarbox Section 404(b) . Private companies: certain AICPA standards for specific engagements also reference COSO.
Three COSO ED's; Comment Deadline Extended to Dec. 4
COSO currently has three Exposure Drafts out for public comment to update its 1992 Internal Control-Integrated Framework; as we recently reported, the comment deadline was extended to Dec. 4, 2012. The EDs are:
- Revised Exposure Draft on Internal Control-Integrated Framework
- Illustrative Tools to Determine the Effectiveness of Exposure Draft: Internal Control Over External Financial Reporting
- Internal Control over External Financial Reporting: Compendium of Approaches and .
Featured speakers on the November 26 webcast include:
- COSO  Chairman Dave Landsittel
- PwC : Stephen Soske
- PwC : Frank J. Martens
- FEI  Working Group on COSO Chairman Ray Purcell, Director of Financial Controls, Pfizer
- Become aware of COSO's Project to update its 1992 Internal Control-Integrated Framework, which has 3 Exposure Drafts out for public comment until 12/4/12; final documents expected by 3/31/13.
- Learn about the addition of 17 "principles" and 80 "points of focus," and how they relate to the 5 original "components" of internal control.
- Find out how the "effectiveness" of internal controls over financial reporting will be determined under the updated guidance.