Yes, we finally have it. After several years of intense work by PwC, input from an advisory council and regulators, and ultimate approval by the COSO board, the updated Internal Control – Integrated Framework has been issued.
If you’re involved in any way with financial reporting, you’re well aware that the original framework has long served as the standard against which companies’ measure their systems of internal control over financial reporting and report the results in annual reports to shareholders and regulatory filings. This updated report will become the standard going forward. It is an imposing work of 140 pages in the main volume, and hundreds more pages of guidance materials.
