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.