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Buying Time on COSO’s Internal Control Framework Update

Tammy Whitehouse | July 29, 2014

With no explicit regulatory mandate to adopt the recently revised internal control framework by the end of 2014, companies sweating the sunset of the old framework are starting to ask: “Can we take another year to work on this?”

Ever so cautiously, auditors are starting to say: “Sure. Just disclose it.”

christensen-brian-updated“People are starting to make that appeal: ‘Is this the year?’” says Brian Christensen, executive vice president at advisory firm Protiviti and leader of its internal audit and financial controls services. “We are starting to see that dialogue increase.”

The 1992 Internal Control — Integrated Framework that virtually every public company in the United States relies on to achieve compliance with the Sarbanes-Oxley Act officially ceases to exist on Dec. 5, 2014. It will be superseded by the 2013 version of the...

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