The framework that Corporate America has relied on to hone its internal controls and demonstrate compliance with the Sarbanes-Oxley Act for nearly 10 years is finally getting an update.  

The Committee of Sponsoring Organizations (COSO) last month issued a draft update to the Internal Control—Integrated Framework document that it first developed in 1992. The framework is used by legions of public companies in the United States to build an internal control system that passes muster with the Securities and Exchange Commission, which enforces SOX's provisions for company management to assert effective internal control over financial reporting. When the SEC drafted rules ...