COSO has published the final version of its newly revised internal control framework, along with two additional resources, which should set public companies in motion to fully review their internal controls to assure they reflect the latest guidance.
The Committee of Sponsoring Organizations of the Treadway Commission has updated its Internal Control-Integrated Framework to reflect changes in business and operating environments in the past two decades. The 1992 framework was overhauled by the COSO board with the help of PwC to help organizations update the design and implementation of internal controls based on modern business conventions. The COSO board also means for the update to broaden the application of internal control in addressing operations and reporting objectives, and to clarify the requirements for determining what constitutes effective internal control.
