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Auditors May Disclose Company's Framework Choice in Audit Reports

Tammy Whitehouse | September 5, 2014

Companies choosing to stick with the old COSO internal control framework this year might find a mention of that fact by auditors in the audit report.

Deloitte & Touche recently issued an alert on its observations of the COSO 2013 Internal Control Integrated Framework adoption saying where companies are not adopting the new framework this year, auditors should indicate in their audit reports exactly what framework was used. “We believe that in a manner consistent with the approach for disclosing the exact COSO framework used in management’s ICFR assessment, it would...

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