COSO publiceert ontwerp voor update internal control framework

woensdag 21 december 2011 | 0 reacties

De Committee of Sponsoring Organizations of the Treadway Commission (COSO) heeft een ontwerp voor een vernieuwde versie van het uit 1992 daterende 'Internal Control - Integrated Framework' uitgebracht. De commentaarperiode eindigt op 31 maart 2012.

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Persbericht van COSO:

COSO Releases Internal Control - Integrated Framework for Public Comment

Authored by PwC, updated Framework addresses significant changes in the business environment and associated risks

ALTAMONTE SPRINGS, Fla. AND NEW YORK, NY. December 19, 2011 - The Committee of Sponsoring Organizations of the Treadway Commission (COSO) - an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence - has released, for public comment, an updated Internal Control - Integrated Framework (Framework) intended to help organizations improve performance with greater agility, confidence and clarity.

COSO originally engaged PwC to develop a framework for internal control in response to a recommendation from the Treadway Commission. Building on the success of the original framework, COSO has worked with PwC to update it for organizations: to adapt to increasing complexity and pace of change; to mitigate risks to the achievement of objectives; and to provide reliable information to support sound decision making.

A broad range of professionals from industry as well as representatives and observers from academia, government agencies, and nonprofit organizations have provided a wealth of perspective on how the original Framework can be refreshed. The Framework retains the core definition of internal control and the five components of a system of internal control. One of the most significant enhancements is the codification of internal control concepts introduced in the original framework into 17 principles and supporting attributes that further support organizations as they apply judgment in managing risk and improving performance in an increasingly complex and rapidly changing environment.

Following the comment period, which ends March 31, 2012, the Framework will be revised as necessary. Release of the final Framework is expected in fall of 2012.

"Issued in 1992, the COSO Internal Control-Integrated Framework has become the most widely used internal control framework in the world," said David L. Landsittel, Chairman of COSO. "The key concepts proposed in our original framework are timeless, yet the changes we have seen in the business and operating environments have driven the need for this update. The update should allow organizations to more effectively utilize the framework to develop and maintain systems of internal control in support of their long-term success."

Miles Everson, Global Leader of Governance, Risk and Compliance with PwC and Project Leader noted, "We are spearheading this update to enable organizations of all types and sizes to efficiently develop systems of internal control that further enhance the likelihood of achieving their objectives."

"Effective internal control allows organizations to adapt to a changing business landscape, and obtain confidence that controls mitigate risks to acceptable levels," added Landsittel. "This is key for the long-term success of any organization."

To access the complete Internal Control-Integrated Framework, please visit www.ic.coso.org.