Inundated with internal control changes falling out of regulatory inspection results, public companies are taking their time getting a new internal control framework into place before the old one expires later this year.
That’s the conclusion of a recent Protiviti survey of more than 600 audit executives regarding their internal control focus in 2014. Nearly half of professionals, or 48 percent, said their organizations had not yet begun work on applying the new COSO Internal Control — Integrated Framework when the survey was taken during the first quarter of 2014. More than half of those who said they had begun implementation were discovering the exercise would increase the resources the company would need to devote to internal controls compliance.
