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Bridging the Divide Between COSO Frameworks Old and New

Tammy Whitehouse | August 26, 2014

As companies work to implement the updated COSO internal controls framework, they are hearing a common refrain: “mind the gap.”

That would be the gap between internal controls under the old framework and the added elements of the new one. Companies aren’t just closing that gap, though; they are also using the opportunity to take a fresh look at their entire systems of internal control. Working through the implementation of the new framework, companies are spending a lot of time talking about risk assessments, tone at the top, outside service providers, and technology, according to internal control experts who are observing and assisting with the process.

Olson-brent-0814“We’re seeing a lot of companies having really robust discussion and dialogue around entity-level controls,” says Brent Olson, a director at McGladrey who has helped a number of companies...

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