Today’s business environment is highly automated and globally connected. Remote workforces are common and businesses face ever increasing expectations for transparency. The 2013 COSO Internal Control-Integrated Framework acknowledges those changes. It retains the principles-based internal control components found in the 1992 COSO Internal Control Framework while re-codifying 17 concepts associated with those components. The changes enable organizations to more effectively address internal control concerns.
The Committee of the Sponsoring Organizations of the Treadway Commission (COSO) released its updated Integrated-Internal Control Framework in May 2013. The updated framework serves as an enhancement of the 1992 COSO Integrated-Internal Control Framework and is recommended for use by December 15, 2014, for companies that must comply with Security and Exchange Commission (SEC) regulations. The Institute of Internal Auditors (IIA) also recommends prompt implementation of the 2013 framework. Regardless of the particular compliance requirements an organization faces, implementing the 2013 framework as soon as possible can bring value to an organization.
The Weaver Risk Insights document COSO 2013 Implementation takes a closer look at the updated framework:
- The overall need for an update
- Enhanced and long-term benefits
- Components and principles
- Initial planning for implementation
For a discussion specific to your organization, please contact Alyssa Martin or Jody Allred, Weaver partners in risk advisory services.