The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative of five private sector organizations and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence. The AICPA is a member of COSO.
The original COSO Internal Control – Integrated Framework (ICIF) was released in 1992 – before the Internet took hold and before the globalization of business. Recognizing technological and business developments along with increased corporate risks, the need to codify existing principles and supporting attributes as well as provide expanded guidance on non-financial reporting, COSO issued an updated framework for public comment in early 2012. On September 18, 2012 COSO released a revised Internal Control – Integrated Framework that incorporates input received during the earlier comment period, along with a guidance document for Internal Control over Financial Reporting (ICEFR), an Illustrative Tools document and an Executive Summary.
The AICPA has created a Learning and Implementation Plan for the new COSO framework. The Learning and Implementation Plan contains various tools to assist in understanding and implementing the new framework. Visit our PCPS section to learn more and download the tool.
|Internal Control - Integrated Framework and Compendium Bundle (2013)
This four volume bundle contains COSO's new Internal Control - Integrated Framework, its executive summary, and appendices. In addition, the bundle contains Illustrative Tools for Assessing a System of Internal Control and Internal Control Over External Financial Reporting: A Compendium of Approaches and Examples. Finally, the bundle also includes a link to an Excel file containing four different, customizable templates from the illustrative tools, including overall assessment, components, principles, and deficiencies.
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