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 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:
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.
- 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
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
(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.
·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
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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