When the Committee of Sponsoring Organizations (COSO) updated its widely used internal control framework, it provided plenty of lead time to make implementation easier and it appears that companies are taking advantage of it. Many are holding off on adopting the revised framework for now, instead waiting for more guidance or letting others jump in and take the lead.
Few companies see any advantage to being an early adopter, experts say. Many are waiting until 2014 to dig in. “Most finance organizations are aware of the new COSO Framework, have reviewed the principles and points of focus, at least at a high level, and do not anticipate any major gaps requiring remediation,” says Andrew Schweik, director of risk services at Crowe Horwath. “Since the revised framework was issued in May, many companies appear to have taken a ‘wait and see. approach.”
