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Audit Committee Brief — The 2013 COSO Framework and the Audit Committee (March 2014)

Published on: Mar 03, 2014

Audit committees play a critical role in overseeing internal control. Although their primary focus may be on internal control over financial reporting, now, more than ever, audit committees are taking the lead in overseeing controls pertaining to compliance and operational matters. This issue of the Audit Committee Brief highlights hot topics related to internal control over financial reporting in light of the issuance of the Committee of Sponsoring Organizations of the Treadway Commission's (COSO's) updated 2013 Internal Control Integrated Framework (2013 COSO Framework). Also included are important considerations for audit committees in overseeing the implementation of the 2013 COSO Framework, and a discussion of how the framework can help audit committees manage elevated expectations regarding internal control.


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