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COSO Commissions Update for Internal Control Framework

Tammy Whitehouse | November 18, 2010

The COSO framework that forms the basis for much of Corporate America’s internal control is getting a makeover.

The Committee of Sponsoring Organizations of the Treadway Commission said it is getting started on a project to review and update its “Internal Control – Integrated Framework,” which most public companies have followed for years to establish and maintain their control environments. The COSO framework became especially important when Sarbanes-Oxley required companies to report on the effectiveness of their internal controls over financial reporting in producing reliable financial statements.

COSO has enlisted the help of Big 4 firm PwC to update the framework, with an eye toward making the framework and its related evaluation tools more relevant in an increasingly complex business...

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