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Journal Entry — COSO Issues Updated Internal Control — Integrated Framework and Illustrative Documents

Published on: May 14, 2013

Today, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued its 2013 Internal Control — Integrated Framework (the “2013 Framework”) and related illustrative documents. Originally issued in 1992, the Framework helps organizations design, implement, and evaluate the effectiveness of internal controls. The updates to the Framework are intended to clarify internal control concepts and simplify their use and application.

One of the most significant changes COSO made in the 2013 Framework was to codify into principles the internal control concepts introduced in the original Framework.

The 1992 Framework will remain available during the transition period, which ends December 15, 2014, after which time COSO will consider it superseded.

Along with the 2013 Framework, COSO also issued today Illustrative Tools for Assessing Effectiveness of a System of Internal Control and Internal Control Over External Financial Reporting (ICEFR): A Compendium of Approaches and Examples

Additional information and resources, including an executive summary of the 2013 Framework, an FAQ document, and slides, are available on COSO’s Web site.

Watch for Deloitte’s forthcoming Heads Up newsletter for additional analysis of the 2013 Framework. 

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