Financial Reporting Blog

Page Action:

COSO's Internal Control Framework Is Changing! Comment Deadline 3/31; Learn More on FEI Webcast 3/19

Public and private companies are reminded to take note of the March 31 comment deadline on the Exposure Draft released in December 2011 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), updating COSO's 1992 Internal Control-Integrated Framework. Tune into FEI's webcast on March 19 to learn more; details below.

WEBCAST MARCH 19, 1-2:30 PM EST on COSO Exposure Draft

Marie-Hollein.jpg    Ray-Purcell.jpg    Stephen-Soske.jpg
Marie Hollein             Ray Purcell                Stephen Soske

FEI is presenting a webcast on Monday March 19, 2012 from 1-2:30 pm EST, on the COSO Exposure Draft updating COSO's Internal Control-Integrated Framework. Panelists include:
  • Marie N. Hollein, President and CEO, FEI, and member of COSO Board
  • Raymond Purcell, Chairman, FEI Working Group on COSO
  • Stephen Soske, Partner, PwC, senior member of COSO Project Team
Register for the FEI webcast on COSO. FEI is making this webcast available to FEI members and nonmembers as a public service, as one of the founding board members of COSO. FEI members: use your member login; non-members can create a free login-account on the webcast registration page.  The webcast offers 1.5 CPE.

BACKGROUND INFORMATION; SARBANES-OXLEY IMPLICATIONS

COSO's Exposure Draft, released in Dec. 2011 (comment deadline 3/31/12), updating COSO's 1992 Internal Control-Integrated Framework, can be downloaded from www.coso.org.

Members of all of COSO's constituent organizations (the AAA (academics),  AICPA (external auditors), FEI (financial executives) IIA (internal auditors), and IMA (management accoutants), and other members of the public including audit committee members, attorneys, regulators and others, will find the updated internal control framework of interest, including its implications for management's and the auditor's reports on internal control over financial reporting required under Sarbanes-Oxley Section 404 and related rulemaking of the SEC and PCAOB. Private companies should also consider implications of the updated COSO guidance with respect to internal control assertions that reference COSO in rep letters to their audit firms, and with respect to requirements placed on audit firms by AICPA standards applicable to audits of private companies. Read more in the FEI blog.

To enhance your understanding of the Exposure Draft prior to FEI's March 19 webcast presentation, we encourage you to review several recommended references, listed below.
 
COSO'S Exposure Draft can be dowloaded from www.coso.org

·OVERVIEW: COSO’s Exposure Draft: Internal Control-Integrated Framework (IC-IF)

·Summary of Changes to the 1992 Version of the IC-IF (Source: Appendix B, COSO Exposure Draft)

·COSO Internal Control - Integrated Framework Update Project, January 2012 (FAQs)

·An Update of COSO’s Internal Control–Integrated Framework (PowerPoint Presentation)

·COSO’s Internal Control Press Release


In other COSO news, see also COSO's latest thought paper on board oversight and professional judgment.
Posted: 3/14/2012 7:42:14 PM by Edith Orenstein | with 0 comments
Filed under: comment letter,FEI blog,internal control,Marie Hollein,Marie N. Hollein,Ray Purcell,Raymond Purcell,Stephen Soske,AICPA,COSO,IIA,IMA,PCAOB,Pfizer,PwC,Sarbanes-Oxley,Sarbox,SEC,SOX,webcast,AAA


Trackback URL: http://www.financialexecutives.org/KenticoCMS/trackback/b117ed70-78ce-4943-9e62-4c1a7d35d4ca/COSO-s-Internal-Control-Framework-Is-Changing!-Comment-Deadline-3-31;-Learn-More-on-FEI-Webcast-3-19.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