Enterprise Risk Management (ERM) - COSO Updates Internal Control Framework
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) seeks comments by 3/31/12 for an updated internal control framework.
COSO has updated its framework for new Enterprise Risk Managment (ERM) technology demands and capabilities. Additionally, they also wanted to provide greater clarity on how to design and maintain an effective system of internal controls. The updated framework doesn't change core objectives or definitions, but explicitly specifies 17 guiding principles divided among the five components of internal control that were put into place with the initial framework in 1992.
The comment period ends 3/31/12, with the final framework scheduled for release in the fall of 2012. For more information and to obtain a draft of the new framework, please click the link below.