COSO's Updated Internal Control Framework Coming May 14; Will Supercede The 1992 Framework

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On March 20, 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) celebrated the first day of Spring  announced that the 2013 updated version of its Internal Control-Integrated Framework will be released on May 14, 2013. In the meantime, inquiring minds can view the Exposure Drafts and related Comment Letters at

Relevance to Public, Private Companies

COSO’s internal control framework, used almost universally in the U.S., and widely recognized in other countries, is also cited in rulemaking issued by the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board for management’s report on internal control under Sarbanes-Oxley Section 404(a) and the auditor’s report on internal control under Sarbanes-Oxley Section 404(b), respectively. Private companies should take note that auditing standards of the AICPA pertaining to certain types of engagements also reference the COSO internal control framework.

2013 Framework Will Supercede 1992 Framework

COSO also announced that its 2013 framework will supersede its 1992 internal control framework, as of December 15, 2014, and provided transition guidance for the interim period between the release date of the 2013 framework, and the date upon which the 1992 framework is considered to be superceded.  Read  more here.


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