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COSO's ED's: Will They Knock Your SOX Off? Or Make Life a Breeze? FEI Webcast Nov. 26

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is nearing completion of its project to update its 1992 Internal Control-Integrated Framework, which public companies reference in preparing their Sarbanes-Oxley Section 404 internal control opinions, and their auditors reference for their SOX opinions on their clients' internal controls, - according to SEC rules for management reporting to comply with Sarbox section 404(a) and PCAOB rules (specifically, AS 5) for auditors to comply with reporting under Sarbox Section 404(b). Private companies: certain AICPA standards for specific engagements also reference COSO.  

REGISTER for FEI’s Nov. 26 webcast on COSO NOW!
 - to learn more about how COSO's ED's - and the final guidance expected by March 31, 2013, may impact YOU and YOUR COMPANY.

Three COSO ED's; Comment Deadline Extended to Dec. 4

COSO currently has three Exposure Drafts out for public comment to update its 1992 Internal Control-Integrated Framework; as we recently reported, the comment deadline was extended to Dec. 4, 2012. The EDs are: 

  • Revised Exposure Draft on Internal Control-Integrated Framework
  • Illustrative Tools to Determine the Effectiveness of Exposure Draft: Internal Control Over External Financial Reporting
  • Internal Control over External Financial Reporting: Compendium of Approaches and Examples  
FEI Webcast Nov. 26 on the COSO EDs

FEI is holding a webcast on November 26, 2012 from 12:00 noon -1pm ET entitled, “COSO’s ED’s: How Different Will the New Guidance Be?” With the comment deadline looming soon, we strongly encourage you to tune into this webcast, which is free for FEI members and nonmembers, to learn from top speakers how the COSO EDs (and ultimately, final guidance) may impact YOU and YOUR COMPANY. 


REGISTER for FEI’s Nov. 26 webcast on COSO NOW!

 NOTE: If you are not an FEI member, you will be asked to create a free “login” account in order to register for the webcast.
 
Featured speakers on the November 26 webcast include:
  • COSO Chairman Dave Landsittel
  • PwC: Stephen Soske
  • PwC: Frank J. Martens
  • FEI Working Group on COSO Chairman Ray Purcell, Director of Financial Controls, Pfizer 
Learning Points; 1 CPE
Learning points on this one hour webcast, for which you can earn 1 CPE, include:
  • Become aware of COSO's Project to update its 1992 Internal Control-Integrated Framework, which has 3 Exposure Drafts out for public comment until 12/4/12; final documents expected by 3/31/13.
  • Learn about the addition of 17 "principles" and 80 "points of focus," and how they relate to the 5 original "components" of internal control.
  •  Find out how the "effectiveness" of internal controls over financial reporting will be determined under the updated guidance.
Attendees on the full webcast will receive 1 CPE. 
 
Background on COSO
COSO’s founding or ‘sponsoring’ organizations include the AAA, AICPA, FEI, IIA, and IMA. It’s objective is to “provid[e] thought leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence.”
 
Background on the COSO ED’s
We strongly suggest you download and familiarize yourself with the COSO EDs if you have not already, they are available at www.ic.coso.org and additional high level summary information is available on COSO’s website at www.coso.org.
 
Posted: 11/19/2012 11:17:40 AM by Edith Orenstein | with 0 comments
Filed under: Dave Landsittel,Frank Martens,Internal Control - Integrated Framework,internal control over external financial reporting,internal control,Ray Purcell,Stephen Soske,AICPA,COSO,FEI,ICEFR,IC-IF,IIA,IMA,PCAOB,PwC,Sarbanes-Oxley,Sarbox,SEC,SOX,AAA


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Edith Orenstein