Monday, January 31, 2011

Wanted: Your Input For COSO Survey, To Update Internal Control Framework

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) wants you to know it will continue to review feedback submitted via its online survey, aimed to assist in informing COSO as it proceeds with its current project to update its Internal Control-Integrated Framework. You (or someone else from your company, if they are more familiar with applying the COSO Internal Control framework at your company) can complete COSO's online survey here.

The COSO Internal Control framework has had broad applicability and acceptance since it was first published in 1992. For example, COSO's internal control framework is referenced in SEC and PCAOB rulemaking implementing Sarbanes-Oxley Section 404 as a suitable framework for purposes of management's and the auditor's internal control assessments under Section 404. Additionally, AICPA standards applicable to private company audits also reference the COSO Internal Control framework.

COSO, whose founding organizations include the AAA, AICPA, FEI, IIA and IMA, announced last year the launch of a project to update the 1992 Internal Control framework.

The original deadline on the online survey was today (Jan. 31); COSO has extended the deadline to continue reviewing feedback.

Early feedback, particularly prior to March, will help inform COSO's Advisory Task Force formed to oversee the drafting team from audit firm PwC, selected to coordinate this effort, as the COSO Advisory Task Force is currently slated to meet again in March.

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