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Internal Auditors, Are You Ready for the Updated COSO Framework?

Jose Tabuena | May 13, 2014

Even if the updated COSO framework is already de rigueur at your organization, internal auditors need to be prepared to address inquiries by management and shareholders regarding transition to the new framework.

With the proxy season approaching, one of the areas shareholders are planning to address at annual meetings is whether companies are in compliance with the 2013 framework for internal controls. If not, why, and what changes will be needed to comply? And what are the timeframes and costs to do so? In preparation, boards are asking these same questions.

The Committee of Sponsoring Organizations' updated Internal Control – Integrated Framework was published last year to refine the original 1992 framework. COSO has stated that the 1992 framework will be superseded as of Dec. 15, 2014. Thus companies, particularly U.S. public... To get the full story, subscribe now.