What has changed?
The changes made to update the 1992 Framework are evolutionary, not revolutionary. The most significant change made in the 2013 Framework is the codification of the 17 principles that support the five components. The 17 principles were fundamental concepts implicit in the 1992 Framework. For effective internal controls, the 2013 Framework requires that each of the five components and the 17 relevant principles be present and functioning; and the five components must operate together in an integrated manner. Present means that the components and relevant principles exist in the design and implementation of the system of internal control, and functioning means that the components and relevant principles continue to exist in the system of internal control. These components, shown in the table below, along with their related principles, serve as comprehensive guidance for companies looking to strengthen their internal control systems.