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Updated Framework for designing, implementing and conducting internal control and assessing their ef

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) – an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence – has issued its updated Internal Control–Integrated Framework (Framework) and related illustrative documents. COSO's original Framework published in 1992 is recognized as the leading guidance for designing, implementing and conducting internal control and assessing its effectiveness.

Authored by PwC under the direction of the COSO Board, the updated Framework is expected to help organizations design and implement internal control in light of many changes in business and operating environments since the issuance of the original Framework. The Update broadens the application of internal control in addressing operations and reporting objectives, and clarifying the requirements for determining what constitutes effective internal control.

COSO also issued an Illustrative Tools for Assessing Effectiveness of a System of Internal Control and the Internal Control over External Financial Reporting (ICEFR): A Compendium of Approaches and Examples. The Illustrative Tools are expected to assist users when assessing whether a system of internal control meets the requirements set forth in the updated Framework. The ICEFR Compendium is particularly relevant to those who prepare financial statements for external purposes based upon requirements set forth in the updated Framework.

COSO publications are available for purchase at www.coso.org. The Framework, Illustrative Tools, and ICEFR Compendium are available for purchase in both hard copy and electronic formats. An Executive Summary can be downloaded by the public free of charge from www.coso.org.

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Control & Compliance in Operations