Financial Reporting Blog

Page Action:

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:



Feel free to post additional links to helpful information in the comments section of this blog. If you received this blog post from 'a friend' and would like to receive updates to the blog directly by email, send an email to blogs@financialexecutives.org and write in the Subject line: Sign Up. And you can follow us on Twitter at www.twitter.com/feiblog.

Posted: 8/12/2011 12:32:53 PM by Edith Orenstein | with 0 comments


Trackback URL: http://www.financialexecutives.org/KenticoCMS/trackback/0abcdee6-f5e4-4010-bc80-b97a666f66e0/COSO-Exposure-Draft,-Updating-Internal-Control-Framework,-Expected-October-November.aspx

Comments
Blog post currently doesn't have any comments.

Subscribe to Financial Reporting Blog

Submit your email address to receive notifications of new posts by email.

Search Blog:

 
clear results Rss

Archives

Skip Navigation Links.
Expand 20132013
Skip Navigation Links.
Expand 20122012
Skip Navigation Links.
Expand 20112011
Skip Navigation Links.
Expand 20102010
Skip Navigation Links.
Expand 20092009
Skip Navigation Links.
Expand 20082008

DISCLAIMER

Unless specifically noted, the materials posted on this weblog do not represent the views of FEI, its officers, directors, agents, employees or members.

Watch the FEI Blog's Music Video on YouTube:

ABOUT THE AUTHOR

Edith Orenstein