How the New COSO Control Framework Adds Value

Internal controls are the functional steps that process accounting transactions generated by a business, and COSO – the Committee of Sponsoring Organizations – has set the standard for these controls since 1992. As business evolved over time, however, the COSO framework eventually became stale and outdated.

Recognizing the need for a revamp, COSO released an updated framework last year to reflect today’s real business environment, one that is highly automated, global and transparent.

Alyssa Martin, partner in risk advisory services, spoke with Smart Business about these COSO changes and their importance:

• When the updated framework changes will go into effect
• How exactly the framework has been updated
• How organizations can start following the new framework
• The overall takeaway for business leaders

To read Alyssa’s responses and learn more about the updated COSO framework, visit the Smart Business article The COSO effect: How the new control framework adds value, not just work for work’s sake.

Read the most updated version here.