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.