Wednesday, January 5, 2011

COSO Survey Seeks Input By Jan. 31 On Update Of Internal Control Framework

Yesterday, the Committee of Sponsoring Organizations of the Treadway Commission (COSO), launched an online survey to gather stakeholder feedback from financial statement preparers, auditors, investors, board members, academics and others, as part of its project to update COSO's original (1992) Internal Control-Integrated Framework. The update is expected to provide more comprehensive and relevant conceptual guidance and practical examples, with a target publication date of 2012. Read COSO's press release which links to COSO's online survey. The survey deadline is January 31.

The project to update COSO's 1992 internal control-integrated framework is being led by PwC, under the guidance of a COSO project task force consisting of the COSO board members from COSO's 5 sponsoring organizations (FEI, AICPA, AAA, IIA and IMA). FEI President and CEO Marie Hollein represents FEI on the COSO board.

Additional experts from each of COSO's 5 sponsoring organizations serve on the COSO project task force, including FEI member representative Raymond Purcell, Director of Financial Controls, Pfizer.

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Jim Arbour said...

The January 31 deadline is unfortunate. I have no time to review this due to Dec 31 YE annual reporting activities.

generalpervaizmusharraf said...

Thank you for this post, really worthwhile info.