Industry News

March 08, 2012 11:14:40 am

Podcast: COSO Proposes Internal Control Framework Update

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is updating the popular COSO Internal Control – Integrated Framework with changes that make the framework easier to use, clearer and more relevant to today’s business environment.   The Board released a draft proposal in December and is continuing to accept comments through March 31, 2012.

Since its release in 1992, the COSO framework has required very little changes.  One of the notable proposed updates is the addition of 17 principles that build on the original five components of the framework. 

The Journal of Accountancy has released a telephone conference podcast with COSO Chairman David Landsittell.  Three other prominent contributors to COSO also participated:  Larry Rittenberg, accounting professor at the University of Wisconsin-Madison; Bill Schneider, AT&T director of accounting and Chuck Landes, AICPA vice president-Professional Standards & Services.  

For more on COSO’s Internal Control – Integrated Framework, please see the Journal of Accountancy.  To go directly to the podcast, please click here.
 


Tags: Internal Controls


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