COSO Framework Release PR May 14 2013 F
For Immediate Release
May 14, 2013
Media Contact:
Suzanne Dawson
Linden Alschuler & Kaplan
212-329-1420
sdawson@lakpr.com
Scott McCallum, APR
The Institute of Internal Auditors
407-937-1247
scott.mccallum@theiia.org
COSO Issues Updated Internal Control-Integrated Framework and Related Illustrative Documents
ALTAMONTE SPRINGS, Fla., May 14, 2013 – The Committee of Sponsoring Organizations of the
Treadway Commission (COSO) – an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence – issued today its updated Internal Control–
Integrated Framework (Framework) and related illustrative documents. COSO’s original Framework published in 1992 is recognized as the leading guidance for designing, implementing and conducting internal control and assessing its effectiveness.
Authored by PwC under the direction of the COSO Board, the updated Framework is expected to help organizations design and implement internal control in light of many changes in business and operating environments since the issuance of the original Framework, broaden the application of internal control in addressing operations and reporting objectives, and clarify the requirements for determining what constitutes effective internal control.
COSO also issued, today, the Illustrative Tools for Assessing Effectiveness of a System of Internal Control and the Internal Control over External Financial Reporting (ICEFR): A Compendium of Approaches and
Examples. The Illustrative Tools are expected to assist users when assessing whether a system of internal control meets the requirements set forth in the updated Framework. The ICEFR Compendium is particularly relevant to those who prepare financial statements for external purposes based upon requirements set forth in the updated Framework.
“COSO and PwC are very appreciative of the extensive and thoughtful input received from stakeholders through participation in an initial survey of potential
May 14, 2013
Media Contact:
Suzanne Dawson
Linden Alschuler & Kaplan
212-329-1420
sdawson@lakpr.com
Scott McCallum, APR
The Institute of Internal Auditors
407-937-1247
scott.mccallum@theiia.org
COSO Issues Updated Internal Control-Integrated Framework and Related Illustrative Documents
ALTAMONTE SPRINGS, Fla., May 14, 2013 – The Committee of Sponsoring Organizations of the
Treadway Commission (COSO) – an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence – issued today its updated Internal Control–
Integrated Framework (Framework) and related illustrative documents. COSO’s original Framework published in 1992 is recognized as the leading guidance for designing, implementing and conducting internal control and assessing its effectiveness.
Authored by PwC under the direction of the COSO Board, the updated Framework is expected to help organizations design and implement internal control in light of many changes in business and operating environments since the issuance of the original Framework, broaden the application of internal control in addressing operations and reporting objectives, and clarify the requirements for determining what constitutes effective internal control.
COSO also issued, today, the Illustrative Tools for Assessing Effectiveness of a System of Internal Control and the Internal Control over External Financial Reporting (ICEFR): A Compendium of Approaches and
Examples. The Illustrative Tools are expected to assist users when assessing whether a system of internal control meets the requirements set forth in the updated Framework. The ICEFR Compendium is particularly relevant to those who prepare financial statements for external purposes based upon requirements set forth in the updated Framework.
“COSO and PwC are very appreciative of the extensive and thoughtful input received from stakeholders through participation in an initial survey of potential