NewsFlash: COSO Releases Updated Internal Control – Integrated Framework for Public Comment

Jan 16, 2012

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released an updated Internal Control-Integrated Framework for public comment. This comment period will end March 31, 2012 and the final Framework is expected to be released in the fall of 2012. A companion document will be available to assist management in designing and implementing a system of internal control over external financial reporting. The companion document is expected to be released for comment in the summer of 2012.

The updated Framework will retain the core definition of internal control and five components of internal control. Also, the broad criteria used to assess the effectiveness of an internal control system will remain the same. The Framework will now codify internal control concepts into 17 principles and supporting attributes. To view the draft in its entirety, please click here.

The AICPA is also hosting in a panel discussion and free webinar to answer audience questions on January 31, 2012, available to all AICPA members. To register, please click here.

For more information, please contact your local Hein partner.