Heads Up: COSO enhances its Framework
An overview of the 2013 framework
What do you need to know about COSO? This Heads Up provides an overview of the 2013 Framework’s enhancements, including considerations for companies that use the 1992 Framework to comply with Section 404 of the Sarbanes-Oxley Act of 2002 (SOX).
What’s new in the 2013 “COSO” Framework?
If you’re curious about what’s new in the 2013 Framework, you can see a comparison of the 1992 Framework with the new 2013 Framework. You can also see highlights of some of the expanded concepts in the 2013 Framework; in particular, changes with respect to information technology and outsourced service providers are highlighted.
Originally issued in 1992, COSO’s Internal Control—Integrated Framework (the “1992 Framework”) became one of the most widely accepted internal control frameworks in the world. COSO’s primary objective in updating and enhancing the framework is to address the significant changes to business and operating environments that have taken place over the past 20 years.