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.
