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COSO Implementation Gets Gritty

Tammy Whitehouse | May 27, 2015

Whether or not a company adopted the new COSO framework last year, plenty of companies will be taking yet another look at internal controls this summer either to shore up gaps or finally to put the new framework into place.

The majority of public companies appear to have already implemented the 2013 Internal Control Integrated Framework, which superseded the original 1992 framework at the end of 2014. Based on the earliest adoption data from Audit Analytics and Protiviti, it looks like only 25 percent of publicly traded U.S. companies still used the 1992 framework through the end of last year.

Audit experts close to the implementation efforts say now is the time for non-adopters to get busy, but even those who did implement the new framework last year will have some review work to perform this year.

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