Friday, August 12, 2011

COSO Exposure Draft, Updating Internal Control Framework, Expected October/November

In an online interview published by the AICPA's Journal of Accountancy, AT&T Director Bill Schneider, a member of the COSO Advisory Task Force, provides a briefing on the objectives of COSO's current project to update its landmark 1992 Internal Control-Integrated Framework, and states that an Exposure Draft of the update is expected to be released for public comment in October or November. (See 2:40 on the AICPA JofA video, Modernizing the Internal Control-Integrated Framework, for the discussion of expected timing of the ED.)

Schneider also notes that COSO plans to publish a separate supplement to the updated internal control framework, focusing on applying the framework to external financial reporting. Interest in the COSO framework was renewed following the Sarbanes-Oxley Act, which required management and auditors to assess the effectiveness of internal control over financial reporting and make a related attestation thereto, respectively.

FEI is one of the five founding members of COSO, along with the AAA, AICPA, IIA, and IMA. COSO board members and additional representatives from the five member organizations amke up the COSO advisory task force, which is providing input to, and overseeing the development of the updated framework, the heavy lifting of which is being conducted on behalf of COSO by audit firm PwC.

Further on the internal control/anti-fraud front, here's some related reading material:

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