Impact of the 2013 COSO Framework

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Impact of the 2013 COSO Framework

6/12/2014
The Committee of Sponsoring Organization of the Treadway Commission (COSO) included a precise summary of its objectives for the 2013 COSO Framework (2013 Framework) enhancement within the first page of the foreword to Internal Control – Integrated Framework Executive Summary:
 
“In the twenty years since the inception of the original framework, business and operating environments have changed dramatically. Becoming increasingly complex, technologically driven, and global, at the same time, stakeholders are more engaged, seeking greater transparency and accountability for the integrity of the systems of internal control that support business decisions and governance of the organization.”
 
As the 2013 Framework is not meant to be a re-write of the original framework (1992 Framework), it is an opportunity for organizations to refresh their existing internal controls as needed. This research report, sponsored by RR Donnelley, provides insights from professionals and thought-leaders in key roles in the early phases of the transition to the 2013 Framework. The report is intended to assist senior-level financial executives as they plan and execute their own transition in the months ahead. 
 
We invited senior-level financial executives from various industries to offer their views on how the 2013 Framework will impact companies, where gaps between the two frameworks may appear, and what areas companies should focus on or are focusing on – notably including Outside Service Providers (OSP), Disclosure Management Solution (DMS) and eXtensible Business Reporting Language (XBRL).
 

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