COSO Issues Exposure Draft to Update Internal Control — Integrated Framework
On December 19, 2011, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued an exposure draft that would update its Internal Control — Integrated Framework (the “Framework”). Originally issued in 1992, the Framework helps organizations design, implement, and evaluate the effectiveness of internal controls. The proposed updates are intended to clarify internal control concepts and simplify their use and application. One of the most significant proposed changes to the Framework is the codification of internal control concepts introduced in the original Framework into principles and attributes. Additional information and resources, including an FAQ, are available on COSO’s Web site.
Comments on the exposure draft are due by March 31, 2012.
