New COSO Framework available for public comment: Have you reviewed the draft yet?

When the US Sarbanes-Oxley Act was passed in 2002, publicly held companies were required to put a structure around their internal controls over financial reporting. The Integrated Controls Framework that had been created and issued in 1992 by The Committee of Sponsoring Organizations of the Treadway Commission (COSO) became a standard framework of internal controls.

On December 19th, COSO issued an update on their Framework for public review and comment. The update is intended to help organizations better perform in the current environment. Per COSO, “Enhancements to the Framework are not intended to alter the core principles first developed in 1992, but rather facilitate more robust discussion of internal control.”

For those of you involved in risk management, compliance, internal controls, financial reporting or any other aspect of Governance, Risk and Compliance within your organization, take the time to review the new draft and offer your perspectives – and you can influence the next generation of internal controls.

This draft is open for comment until March 31, 2012.

This entry was posted in Industry News and tagged , by Chris Burd. Bookmark the permalink.

About Chris Burd

Chris is the Managing Director of the policyIQ group at RGP. She gets geeky about compliance and technology, and gets to spend every day working at the crossroads of the two. With policyIQ since 2005, Chris has worked with hundreds of policyIQ clients to implement technology and enhance their internal compliance environment. In the past few years, she's focused on enhancing policyIQ's offering as a Conflict Minerals and Anti-Corruption tool. In past lives, Chris worked as a system implementation consultant, a e-commerce specialist, a customer service call center manager, and - for one short but memorable summer during high school - a machine operator on midnight shift in a plastics factory. In her free time, she spoils her nieces, volunteers at her local food bank, and spends more time than she should taking photos of her cats. She would like to be a rock star when she grows up.

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